Question

Form 1116

Forum|Forum|2 years ago
March 20, 2024
1 reply
0 views

Does turbo tax still have the limitation in Form 1116 of one country per payer (1099)? If so, what is the best way to enter multiple countries on form1116 from a single 1099 for with turbo tax online? Please assume 3 Countries (A, B, and C) and 2 Mutual funds/ETFs ( RIC).

CatinaT1

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S

ShorenutAuthor

Not answered, consider moving to a different product that are easier to use for simple passive-only 1098 based foreign tax credit situations. The question was about how to enter the information based on a workaround for the limitations on your online software for a simple 3 different sources of passive income and taxes contained on a single 1098. This is not a complex situation, and it is not clearly explained in your online support, unless you are really trying me to upgrade to a more expensive service for a simple case.

I can try to explain the method to you based on my understanding of your situation for you to post and help other customers but will need your experts to review and determine that the generic description of what you propose is correct. The current instructions and description for the workaround are ambiguous and confusing.

DaveF1006

If it is the same category of income, you can use various in the drop-down for countries. The IRS does not require (at this time anyway) that each individual country be listed if you are reporting for the same category of income on a single 1099 DIV.

@Shorenut

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