In misc.taxes.moderated, Jeff wrote:

- quote -

That would be a common reason. Expect the forms to have an
annotation at the top when you print them to distinguish the one for
the AMT purposes.

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- quote -

I'll work with it.

Incidentally, why are there 2 copies produced of the 1116? Would one be
to calculate AMT and the other for regular tax?

Jeff

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In misc.taxes.moderated, Jeff wrote:

- quote -

So are there some 1099-DIV or 1099-INT choices for block 6 in your
TaxCut program? Perhaps you choose which 1116 form copy this will go
on to. You will probably have to supply the foreign source amount
included in dividends. That amount will probably be between 6.6 to
10 times the amount from line 6 of the 1099-DIV or 1099-INT you
received.

You would want to try a search at http://taxcut.com/

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- quote -

Thanks for replying, but unfortunately that choice did not exist for the
1099 DIVs. I will look for it again.

Thanks for replying.

Jeff

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In misc.taxes.moderated, Jeff wrote:

- quote -

Lines 3a,3c, 3d, 3e, etc... , 8,9, etc...


- quote -

This is a confusing form.

- quote -

I suspect that there is a different choice you could have made to
cause Taxcut to make the 1116 entries itself from the 1099 and K-1
numbers rather than you having to fill it out on your own.

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Hi,

I am using TaxCut to prepare my taxes. Because my 1099 DIVs had total
"Foreign Taxes" of $743, TaxCut told me I need to fill out a Form 1116.

TaxCut automatically transferred the Foreign Taxes from my K1s to the
1116, but left me to fill out the amounts ($743) from my 1099 DIV and
flagged it an error till I did so. I therefore entered $743 in the
mini-worksheet of "Part II" which transferred it to "c" column o and s
totaling 743 on Form 1116 line 8.

BUT, that immediately increased (!) my "taxes due" by $776 from what it
had been before I did this. That does not make sense to me. I would
think that if I paid these foreign taxes, it should reduce taxes due to
Uncle Sam not increase it. So I must have done something wrong. The
743 is the only figure I entered on the 1116. Should I have entered
something else elsewhere? If so, where?

I am very confused. There are no other errors according to TaxCut's
final error check.

Jeff

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<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >