679
The following diagnostic is generating:
Solution:
Taxpayer does not qualify for the election not to file Form 1116 becuase the foreign tax credit exceeds $300.Solution:
If the Foreign tax credit exceeds $300 then the taxpayer does not qualify for the election not to file form 1116.To remove the election and generate form 1116:
1. Go to Screen 35.1, Foreign Tax Credit (1116) 2. Click on Gen. Info/Elections 3. Remove the entry in, "Elect not to file Form 1116: 1= do not print election statement, 2= print election statement," code 57
If the diagnostic is still generating:
1. Go to Screen 46, Elections 2. Click on Misc. Elections 3. Uncheck the box, "Elect not to file Form 1116[904(j)]," code 7
