cancel
Showing results for 
Search instead for 
Did you mean: 
Highlighted
Level 1

Turbotax 2016, Premier, Downloaded version, Step-by-Step mode, Box 7

Form 1099-DIV, why, when option Show All Boxes selected, Box 7 - Foreign Country is still not shown. 

Also, in the Forms Mode, Form 1099-DIV Work Sheet, why field 6a remains in red color, meaning being unfilled. At what step of Step-by-Step mode that box becomes filled? 

1 Best answer

Accepted Solutions
Level 9

Turbotax 2016, Premier, Downloaded version, Step-by-Step mode, Box 7

Box 7 from the broker is incomplete and not necessary.  Here is how it works. When you enter the foreign tax credit interview section, you will enter a screen asking you to select either a deduction or a credit.  After you confirm one or the other, TT in the background will correct 6a.  After this, if you elect to take the credit and you qualify for the exemption, TT will inform you and you will end the interview.  If you do not qualify for the exemption, then you continue with the interview. You will get to a screen where you will select the countries and continue through the screens inserting the necessary  data.  After you finish, TT will generate a form 1116 and calculate the foreign tax credit.

1 Reply
Level 9

Turbotax 2016, Premier, Downloaded version, Step-by-Step mode, Box 7

Box 7 from the broker is incomplete and not necessary.  Here is how it works. When you enter the foreign tax credit interview section, you will enter a screen asking you to select either a deduction or a credit.  After you confirm one or the other, TT in the background will correct 6a.  After this, if you elect to take the credit and you qualify for the exemption, TT will inform you and you will end the interview.  If you do not qualify for the exemption, then you continue with the interview. You will get to a screen where you will select the countries and continue through the screens inserting the necessary  data.  After you finish, TT will generate a form 1116 and calculate the foreign tax credit.