Level 3

Question

FORM 1116

Forum|Forum|2 years ago
August 9, 2023
2 replies
18 views

Client moved overseas end of last year. Return gives him a credit for taxes paid for withholding in the foreign country, and generates a credit on the return. ProSeries indicated that no Form 1116 is necessary to file with the return. Subsequently IRS is requiring the Form 1116. I cannot get the program to generate the form. HELP PLEASE!!!

ProSeries Professional

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Level 15

When you do figure out how to add it, realize that the tax withheld is not necessarily the creditable amount of foreign tax.

How much withholding? I'm surprised the software said no 1116 needed.

The more I know the more I don’t know.

DBnrAuthor

Level 3

$906

Intuit Community Champion

Intuit Community Champion

So you just plunked it on Sch 3? Thats too much $$ to just drop onto that line.

You need to open the 1116 worksheet and enter the information there for it to flow to the Form 1116

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

Intuit Community Champion

Intuit Community Champion

Where did you enter it that no 1116 was completed? My program seems to complete one even when its not required,

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

DBnrAuthor

Level 3

It appears on Schedule 3

Level 15

$906 is not eligible for the election not to file the 1116, even if it is from a 1099.

The more I know the more I don’t know.