The IRS instructions state that you can elect not to file the Form 1116 if your foreign tax credit is less than $300 for a single person and $600 for married filing joint. Why is the software not allowing us to make that election and we're required to file the Form 1116? I have used ProSystem fx software for years and they have a box to choose to make that election. Then you just enter in the amount for the foreign tax credit and it won't produce the Form 1116. We need this ability in ProSeries Professional.
From my experience, you enter the information as if you are filing F1116 so the foreign tax credit flows properly. The F1116 will NOT efile with the return. There will be a note at top of F1116 = FORM NOT REQUIRED TO BE FILED
I don't really care whether the 1116 is sent to the IRS or not, if not required. But why should we be required to fill out the date paid, foreign income amount, and country if it's less than the threshold amounts?
When I got my first vehicle with power windows I found the buttons for the windows and assumed I had to push them in order for the vehicle to drive forward. I did that for awhile but one morning it was thirty below I thought I was going to run with scissors and not push the buttons. From that day on I figured that just because something had some buttons, it didn't mean you necessarily had to use them. But then again, it is easier to complain rather than just do a little exploration work with the software.
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