Tax software 1116 foreign qualified div adjustment

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andied
Posts: 55
Joined: Wed Feb 09, 2005 11:21 am

Tax software 1116 foreign qualified div adjustment

Post by andied »

I have Turbo Tax and Taxact (just to compare and double check) and when I am entering data for FTC on form 1116, there is a box to indicate whether foreign source capital gains and foreign source qualified dividends are less than $20K. If I select this box Turbotax increases my tax payable and Taxact decreases tax payable.

Can anyone cofirm this behavior and/or what effect should selecting this box have on tax.
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