I have foreign taxes to pay on rental income in Europe. Foreign taxes paid in foreign currency and I converted the amounts to U.S. dollars. According to the information below it seems if you do this you cannot file online. Is this correct?
See Below
Here are a few unusual situations relating to Form 1116 that are not handled in Interview: -
Dividends received before the 16-day holding period (46 days for preferred stock) has been met -
Reduction in the foreign tax credit due to international boycott operations (if not already shown in "Reduction of Foreign Taxes") -
Foreign taxes paid on a lump-sum distribution from a pension plan and you use Form 4972 to figure the tax - Foreign taxes paid in foreign currency and you converted the amounts to U.S. dollars -
Some interest, dividends, partnership, S corporation, or estate and trust foreign tax paid should be reported on Schedule A, and some should be reported on Form 1116
If any of these situations apply to you, you cannot use TurboTax Online to prepare your return.
