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If you choose to take the credit (most people do), we'll attach Form 1116, Foreign Tax Credit, if your situation requires it. Note: Form 2555 (Foreign Earned Income Exclusion) calculates the amount of foreign earned income and/or foreign housing you can exclude from taxation. You won't be able to take a credit or deduction for taxes paid (or ...
TT can support only one country per 1099. Here is a suggested workaround . This is an example of the preparation to fill out a form 1116 for taxes paid by 3 countries within a 1099-DIV. They are: a: RIC which includes all mutual funds/ETF”s. b: Canada. c: United Kingdom. Three fictitious 1099-DIV’s will be created.
Can gross foreign source income (line 3d on Form 1116) be larger than gross income from all sources (line 3e on Form 1116)? It sounds counterintuitive, yet that is what it comes out being. There is no detailed calculation that I can see anywhere within Turbotax worksheets that shows how gross income...
The foreign tax paid is entered on Form 1116. You file Form 1116 if you are an individual, estate, or trust, and you paid or accrued certain foreign taxes to a foreign country or U.S. possession. To view your Form 1116 of Form 1040: In Turbo Tax Screen, click Tax Tools, then Tools. Under Tools Center, scroll down and click View Tax Summary.
This is how to do that: From inside the return, scroll down to Tax Tools on the bottom of the left side menu. Select Tools. Click on Delete a form (third on the list at the bottom of the screen). Find Form 1116 on the list of forms. Click Delete to the right. Confirm your Delete. Click Continue in the lower right.
Form 1116 is requesting "detailed explanation" of "other Deduction Statement A." I have completed everything in TurboTax, but don't know what additional info is needed for Line 3A of Form 1116. The query came up during the review of my completed return.
But on Form 1116, the prorate percentage amount is each line divided by the total SALT deduction ($97,936). That % amount is multiplied by 10K (the amount allowed on Schedule A) to get the figure on the worksheet. You received the full amount of your foreign taxes paid ($885) on Schedule 3.
1 Best answer. JohnW152. Expert Alumni. The value for gross income is the income received from your renters, without deducting for expenses. You’ll enter this in Part I, line 1a, Gross income from sources within country shown above and of the type checked above. In Lines 1a and 1b—Foreign Gross Income in the 2021 Instructions for Form 1116 ...
For the 2121 taxable year, IRS now requires that taxpayers determine foreign tax credit (FTC) carryovers and carrybacks in a uniform manner using new Schedule B of Form 1116. For 2021, a taxpayer with either an FTC carryover from 2020 to 2021 or a 2021 carryover to 2022, or both, must establish the amount of any such carryover in Schedule B and ...
Mike9241. Level 15. if form 1116 is not used and carryover from the previous year can not be used and is permanently lost. also since you have a carryover your FTC is more than $600 unless you want to lose any unused amount from 2022. either the amount on the foreign dividend income/qualified amount is on the 1099 or it's not.