Question

Foreign tax credit

Forum|Forum|1 year ago
March 18, 2025
1 reply
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I used TurboTax to file my tax year 2023 tax return. In that year I received the full credit of $538 for the foreign tax credit shown on line 7 of my fidelity investments form 1099 div. However, there was no form 1116 associated with my TurboTax return. Only a schedule 3 that showed the full $538 dollar credit on line 8.

I am also using TurboTax for tax year 2024. I don’t understand why I received a full $538 credit in tax year 2023, but only a $40 dollar credit in tax year 2024. Furthermore I don’t understand Form 1116 was not part of my 2023 paperwork needed for filing.

J

JamesG1

We are not able to view your income tax returns.

The simplified method of IRS form 1116 allows you to receive your foreign tax credit without completing IRS form 1116. See this TurboTax Help.

Under that method, you will be allowed up to a $300 foreign tax credit if you are filing as an individual, or up to $600 if you are filing a joint tax return.

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