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.
Tax software 1116 foreign qualified div adjustment
Moderator: Mark T Serbinski CA CPA