Foreign Tax - Box 6 - A, B, C, D

.... just went back and noticed that my 1099-DIV for some mutual funds had Box 6 - Foreign Tax Paid - which flowed into TurboTax for the 1099-DIV.

But then TurboTax didn't complete the 1116, as it also had a selection of A,B,C, or D - which therefore left the 1116 totally blank

A - Sched A B - Form 1116 C - Form 1116 - select a col - A, B, C D - included in Divs

OK - now what - ??

Reply to
ps56k
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How much were the foreign taxes? (Total from all sources.)

Check page two of the 1040, is there an amount on line 47? You may take the FTC up to $600 for a married couple filing jointly or $300 for everybody else without filing Form 1116.

Gary

Reply to
Gary Goodman

THANKS !

just looked, and line 47 is $425 (filing joint) will have to go read and follow the dots... Just was looking at the 1116 and it was all blank.

SO - what are those choices that TurboTax is offering for the Foreign Tax in box 6 ?

Reply to
ps56k

They're not four different choices. The only choice is "a," which is to take the foreign tax as an itemized deduction on Schedule A instead of taking the foreign tax credit. The other three lines, "b," "c," and "d," are used if you do file Form 1116. "b" is a link to the Form 1116. "c" specifies which column of Form 1116 to put the tax in from this 1099-DIV. "d" is how much of the dividend in box 1a is from foreign sources, if it's not the full amount.

Click on the first amount in box 6, the foreign tax amount, then click on Help Center. The Help explains it all.

Bob Sandler

Reply to
Bob Sandler

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