To see when Form 1116 will become available in TurboTax, check form availability on this page. Both the credit and the deduction are entered in the same place. Here's what you do: Open or continue your return. Enter all your foreign income in the Wages & Income section if you haven't already; Navigate to the foreign tax credit section:

Feb 24, 2025 · TurboTax says: "You need to complete Form 1116 if you want to claim the foreign tax credit" Choose "Take a Credit" when asked whether you want the Deduction or the Credit. Keep going, choose "Passive Income" when it asks for a category, and fill out the Form 1116 Worksheet (specify the country and foreign income amount, which is $50,000, with ...

Feb 14, 2024 · Form 1116 Instructions The date is dependent on whether you are using the paid date or the accrued date. Based on your statement, the payment is 2024, however they would have been accrued possibly earlier than that, so you must decide whether you are going to use accrued or paid.

Feb 18, 2025 · For individual returns (Form 1040) this is well documented in the 2024 Form 1116 instructions page 9 under the heading "Qualified Dividends and Capital Gain Tax Worksheet (Individuals)," which includes clear instructions for determining the "Adjustment exception" which appears under the text, "You qualify for the adjustment exception if you ...

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.

Mar 6, 2025 · I tried to manually fill in form 1116 this morning by going to the "Forms" view, but it really doesn't seem very straightforward. All other data (W2 income, INT,DIV, and capital gains) has been plugged into the Desktop version of TT Home & Business already.

Feb 14, 2025 · - Form 1116 box 3e (gross income from all sources) is $430,000, which differs from line 9 in form 1040 because it excludes the $5,000 loss from “Sale 2”. Turbotax does this right. It reads from Schedule D that there was a loss in one of the sale events and does not take it into account for box 3e calculation.

Mar 4, 2025 · Foreign Tax Credit: If you paid taxes to the foreign government on the pension income, you may be able to claim a foreign tax credit on Form 1116 to avoid double taxation. Form 1040, Line 5a is the standard place to report pension income from …

Mar 17, 2024 · If your interest/dividends are under a certain amount, you won't even need Form 1116 to claim the credit. If you're using TurboTax Desktop, go to FORMS at the upper right and Open Form 1116. When it is displayed, choose Delete at the bottom. In TurboTax Online, in the left menu go to TAX TOOLS > TOOLS > DELETE A FORM

Mar 2, 2020 · 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.