Question

Form 1116 Foreign Taxes on K-1 and 1099DIV

Forum|Forum|3 years ago
April 25, 2022
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I have a K-1 with Foreign Taxes Paid and information for Line 14, Code B. Gross Income is 9,571, Qualified Divdends 5,270 and Taxes Paid 559. I also have a 1099DIV with Foreign Taxes paid of 123. The 1116 Worksheet is requiring the 3B, Adjusted basis for passive activity assets generating foreign source income. And 3C, Adjusted basis for total passive activity assets. I have been trying to figure this out for days. I'm stuck. It's generating a carryforward, I think because there's not much income or taxes due. Do I fill out a Form 1116 each foreign tax paid. If so, how do I do this. And how do I calculate the 3b & 3c?

TurboTax Home & Biz Windows

R

rogge1722

If the K-1 income is passive category as is the 1099DIV, then you can use the same f1116. They would use different columns if they are different countries.

With regard to 3B and 3C, on the f1116 worksheet, put the pointer on the yellow cells in the total column and right click. On the box that appears, click on the data source and/or the "about" for additional information. Also the f1116 instructions will have information on these issues.