figner
Recycles dryer sheets
I've used TaxCut from H&RBlock to prepare my taxes for several years. This year for the first time, I paid over $300 in foreign taxes due to my holdings in Euro and Pacific funds/ETFs. I entered the foreign tax payments (as part of the 1099-DIV info) into TaxCut, but Taxcut put "0" for my foreign tax credit (on 1040 line 47) and didn't notify me that anything was missing or amiss. I only noticed it when looking over my return later (unfortunately, a few weeks after filing).
I guess I'll file an amended return, but I'm finding now that I have to manually enter amounts into Form 1116 and it's more confusing than the other tax forms I've been used to (for example schedules C, D). TaxCut provides little guidance and doesn't automatically fill in any fields on Form 1116.
Some of you must be in the same boat - how do you handle Form 1116? Does anyone have experience with how the other commercial tax software packages (Turbotax, etc) handle it?
I guess I'll file an amended return, but I'm finding now that I have to manually enter amounts into Form 1116 and it's more confusing than the other tax forms I've been used to (for example schedules C, D). TaxCut provides little guidance and doesn't automatically fill in any fields on Form 1116.
Some of you must be in the same boat - how do you handle Form 1116? Does anyone have experience with how the other commercial tax software packages (Turbotax, etc) handle it?