Skip to main content
March 25, 2024
Question

In form 1116, the "gross income from all Sources" is not calculated correctly by Turbotax.

  • March 25, 2024
  • 1 reply
  • 0 views
No text available

    1 reply

    March 26, 2024

    how do you know? have you read the 1116 instructions for that line? it can be significantly higher than adjusted gross income. 

    Lily_NJAuthor
    March 27, 2024

    Yes, I've read the instructions and calculated the amount as below. It does not match up.

    This is total income before deductions and is the sum of:

    Form 1040, line 1 plus
    Form 1040, line 2b plus
    Form 1040, line 3b plus
    Schedule 1 (Form 1040), line 1 plus
    Schedule 1 (Form 1040), line 2a plus
    Schedule C, line 7 (all copies) plus
    All gains reported on Schedule D minus Schedule D, line 11, Subtotal Line A(Form 4797, Gain from Part I) plus
    All gains reported on Form 4797 plus
    Form 1040, line 4b plus
    Schedule E, line 3 total plus line 4 total plus
    Schedule K-1 Worksheet - Partnerships Box 16, Code B (if it has a value); otherwise income reported on line 1, 2, OR 3 plus any amount on line 4 plus
    Schedule K-1 - Partnership Additional Information page 1, Box 11 section,Code A, line 1 (if positive) and line 3 and line 4 and Code I, line 5
    Schedule K-1 Worksheet - S Corporations Box 14, Code B (if it has a value); otherwise income reported on line 1, 2 or 3 plus
    Schedule K-1 - S Corporation Additional Information page 1, Box 10 section, Code A, line 1 (if positive) and line 3 and line 4 and Code H, line 5
    Schedule K-1 Worksheet - Estates and Trusts, Box 14 Code B : Foreign Tax Information section, line 7 (if it has a value); otherwise income reported in Part III lines 5, 6, 7 and 8 plus
    Schedule F, line 11 (all copies) plus
    Form 4835, line 7 ( all copies) plus
    Schedule 1 (Form 1040), line 7 plus
    Form 1040, line 5b plus
    All positive income amounts on the Other Income Statement.

    March 18, 2025

    Lily_NJ,

     

    Were you ever able to determine how TT calculated form 1116, the "gross income from all Sources"?

     

    I can calculate it for one of the returns I am working on, but not the other. After spending about an hour on it, including reading the Form 1116 instructions for Line 3e, and looking at the so-called "Smart Worksheet", I also am wondering if TT calculated this correctly. It would be helpful if to see the details of how this was calculated.