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    jake2005's Avatar
    jake2005 Posts: 3, Reputation: 1
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    #1

    Apr 9, 2007, 11:40 AM
    Tax software for calculating foreign tax credits on Form 1116
    Hi there.
    I wonder if anyone can advise me which is the best software for filling out Form 1116? I am using Turbotax 'Home and Business' and the IRS instructions together to fill mine out, but the IRS instructions are SO complicated and the Turbotax software assumes that you know a lot about filling out this form.
    Does anyone know of an 'easy to understand' online version of this form, which will calculate my foreign tax credits if I input the information? Or else a simplified version of the IRS instructions - for individuals who are not tax experts!
    Thank you in advance for your help.
    The Texas Tax Expert's Avatar
    The Texas Tax Expert Posts: 310, Reputation: 7
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    #2

    Apr 9, 2007, 12:12 PM
    Quote Originally Posted by jake2005
    Hi there.
    I wonder if anyone can advise me which is the best software for filling out Form 1116? I am using Turbotax 'Home and Business' and the IRS instructions together to fill mine out, but the IRS instructions are SO complicated and the Turbotax software assumes that you know a lot about filling out this form.
    Does anyone know of an 'easy to understand' online version of this form, which will calculate my foreign tax credits if I input the information? or else a simplified version of the IRS instructions - for individuals who are not tax experts!?
    Thank you in advance for your help.
    Both Turbo Tax and Tax Cut rely on the user knowing something about this. The software does do the basics but you need to use additional effort and research for the FTC.
    jake2005's Avatar
    jake2005 Posts: 3, Reputation: 1
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    #3

    Apr 11, 2007, 11:15 AM
    Texas Tax Expert - Thank you for your help. I'll try Tax Cut to see if it's any easier.
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #4

    Apr 16, 2007, 12:37 PM
    You might want to try TaxAct.
    jake2005's Avatar
    jake2005 Posts: 3, Reputation: 1
    New Member
    		  
    #5

    Apr 16, 2007, 02:45 PM
    Thank you Atlanta TaxExpert - I'll give it a go!
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #6

    Apr 23, 2007, 01:44 PM
    Glad to help!
    mehnazq's Avatar
    mehnazq Posts: 2, Reputation: 1
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    #7

    Oct 30, 2007, 07:28 AM
    Quote Originally Posted by jake2005
    Hi there.
    I wonder if anyone can advise me which is the best software for filling out Form 1116? I am using Turbotax 'Home and Business' and the IRS instructions together to fill mine out, but the IRS instructions are SO complicated and the Turbotax software assumes that you know a lot about filling out this form.
    Does anyone know of an 'easy to understand' online version of this form, which will calculate my foreign tax credits if I input the information? or else a simplified version of the IRS instructions - for individuals who are not tax experts!?
    Thank you in advance for your help.
    You can email me at [email protected] and I will explain you.
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #8

    Oct 30, 2007, 07:52 AM
    Give Mehnazq a shot.
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