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Re: foreign tax credit

  • If all your foreign-taxed income was 1099-reported passive income, such as interest and dividends, you don't need to file Form 1116, provided that any dividends came from stock you owned for at least 16 days.
  • Single filers who paid $300 or less in foreign taxes, and married joint filers who paid $600 or less, can omit filing Form 1116. 

    Check Schedule 3 line 1 to see if you got it automatically. 
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3 Replies

Re: foreign tax credit

Hi,

I did not receive the credit automatically.  There is no schedule 3 prepared for my tax forms and it is not showing up on the tax and credit section of my 1040 form.   Is this a glitch in Turbo Tax?

DaveF1006
Expert Alumni

Re: foreign tax credit

To clarify, how much was your foreign income and where was it reported?

 

@Ellis0822 

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Re: foreign tax credit

The foreign income is included in the lump sum  dividend amount on my 1099 Div.  The actual amount of the foreign income was $180 and foreign tax paid was $18.  We aren't talking about a lot of money.  Does the credit not apply if I owe no taxes?

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