Form 1116 Now Available!

[Wayne Brasch]

A couple of days age, some of you were holding returns in which you needed to have Form 1116. ATX has now made that form available and ready to go. When I updated forms this morning, I saw these forms listed (Form 1116 and Form 1116 AMT).

Wayne Brasch

[RitaB]

A couple of days age, some of you were holding returns in which you needed to have Form 1116. ATX has now made that form available and ready to go. When I updated forms this morning, I saw these forms listed (Form 1116 and Form 1116 AMT).

Wayne Brasch

Thanks for the update, Wayne. Think they're reading on the forum?

[TAXBILLY]

Thanx Wayne.

taxbilly

[taxtrio]

I finally got the foreign tax credit to work without the 1116!!

Fill in the 1099-Div with all foreign tax information. ATX will have added the 1116 that you don't really need if the amount is small. Go to 1040 page 2, line 47 (foreign tax credit) and click on the "jump-to" bunny.

On the worksheet that comes up you can click on the box for Form 1040 to the right of the line 2 for dividend worksheet. The instructions at the top of this line 47 worksheet says to mark where you want to claim the foreign taxes, Sch A or 1040.

Then go and delete the 1116.

The credit will still be on line 47 ... but no 1116 needed.

Wish I had figured this out last week!!

Taxtrio