REBECCABAILIN Posted March 5, 2020 Report Posted March 5, 2020 Thanks in advance I have a client with a managed investment fund. The 1099 DIV shows $250 of Foreign Tax Paid which I input in Box 7A. The $250 is not showing up on 1040/Sch 3 Part 1 Line 1. In years past I noticed that unless you fill in 7b with a date, it won't flow. So I put in 12/31/2019 since there are a ton of transactions all year. I filled in 8a as "various". I wondered if maybe NOT having 8b, 8c and 8d filled in was the problem. I don't know the totals. It's 126 pages of detail for the 1099 DIV with umpty ump foreign transactions. So I tried a few numbers in those boxes. Still no flow through to 1040/Sch 3 Line 1 I also found a worksheet for 1040/Sch 3, Line 1 and I checked the box for Form 1040 on line 2. Does anyone know how this works? Quote
Lynn EA USTCP in Louisiana Posted March 5, 2020 Report Posted March 5, 2020 In Elections, Form 1040, click on the one (near the top) that says "elects to not file form 1116'. After doing that then the foreign tax should flow to sch 3 part 1 line 1 2 Quote
grandmabee Posted March 6, 2020 Report Posted March 6, 2020 or on form 1116 you can check that box also on top of form to use without the 1116 if under 300/600 1 Quote
Pacun Posted March 6, 2020 Report Posted March 6, 2020 Good answers that's why this forum is the best. I believe it is time to donate some money to this forum. Quote
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