This is the message that comes up in TT:
"Your foreign tax credit is $116.
Your election to take the foreign tax credit without filing Form 1116 is effective only for 2018 and doesn't carry over to future years. If you're eligible to claim a foreign tax credit in 2019 without filing Form 1116, you must elect again next year."
This is my first year with TT. Previously CPA's that I used always filed form 116 for me for even smaller amounts of foreign tax paid (and therefore foreign tax credit). Do I really not need a form 116 and if so, why? (I am an American citizen living abroad ).
posted
last updated
June 04, 2019
6:49 PM