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March 23, 2025
Question

I have 1,850 on foreign taxes pd but do I its complicated have to fill out form1116 to file? I take the standard deduction.

  • March 23, 2025
  • 2 replies
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2 replies

March 24, 2025

You may qualify for the foreign tax credit and calculate a credit against your tax liability.  

 

In general, the tax credit can lower your tax liability in the United States, but only up to the amount of foreign taxes paid or the U.S. tax liability on the foreign income — whichever is lower.

 

In TurboTax Premium Online, follow these steps:

 

  1. Down the left side of the screen, click Federal.
  2. Down the left side of the screen, click Deductions & credits.
  3. Click the down arrow to the right of Estimates and Other Taxes Paid.
  4. Click to the right of Foreign Tax Credit.
  5. Follow the screens to see whether you qualify for the credit or deduction.
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March 24, 2025

what is the source of the foreign taxes? we may be able to simplify the task of entering them in Turbotax.