Question

I need help with Foreign Tax Credit

Forum|Forum|6 years ago
June 4, 2019
2 replies
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Can't get to a screen where I can edit/change/ correct amount Foreign Tax Cerdit

TurboTax Premier Android

To get to the foreign tax credit section of TurboTax, you enter foreign tax credit in the search bar at the top of the screen and click the Jump to link.

Once you are in the foreign tax credit section. if you want to review your foreign dividend, when you get to the screen Reporting Foreign Taxes Paid, Do you want to review your entries, click Yes.

If you have foreign tax paid on wages or rent or pension, then when you get to the Country Summary, click on Edit to view your entries.

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R

robertaigeldinger

I have completed my tax on turbo tax but have not filed. I discovered I did not receive a foreign tax credit and there are some issues with my 1116 form. There is an amount in part 1a which should not be there. How can I correct this issue?

M

mglauner

What is the source of your Foreign Income/Tax Paid? If from a 1099-INT or 1099-DIV, the amount of Foreign Tax reported on these documents automatically goes to Form 1116 as Foreign Tax, which may be what you are seeing on your Form 1116.

If this applies, go to the Foreign Tax Credit section under Deductions & Credits, and add the required info to complete the credit calculation. Specifically, the Country the Foreign Tax was paid to (for 1099's, you can use 'RIC' for Regulated Investment Company as the Country), and the amount of Foreign Income that the tax relates to.

For the Foreign Income amount, go to the supplemental info for your 1099's, which may give a specific amount for various countries (add these together for income for country 'RIC'), or a % of the total dividends reported (which you can calculate).

If you can give more details, we'll try to help. Here's some detailed info on Claiming the Foreign Tax Credit.

@robertaigeldinger