In the section of the worksheet it asks for a date. I don't see anything with a date on K1 forms. Where is this from and what section should I fill out the K1 box at the end?
Thanks
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Use 12/31/2020 for the date.
If the date does not how on your K-1, you would need to enter the end date of 12/31/2020 on one of the screens while you go through the Foreign Tax Credit section. Here are the steps:
You will have to enter your Schedule K-1 first:
In TurboTax online,
Then go through the "Foreign Tax Credit" section. Follow here:
In TurboTax online,
If you have paid taxes to both foreign and the US tax authorities, the IRS allows you to claim a foreign tax credit on your US tax return. To claim this foreign tax credit, you would need to file a Form 1116 Foreign Tax Credit. The amount would be shown on Schedule 3 line 1 and line 20 on Form 1040.
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