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Intuit, Inc. (INTU) Message Board

  • andyyam123 andyyam123 Mar 15, 2009 2:43 PM Flag

    Turbotax08 has math errors on form 1116,foreign tax credit carryover

    Big math problem in 2008 TurboTax 1116 form when you calculate the Carryover of foreign tax paid from Previous year.

    If you have carryover foreign tax from 2007, then your foreign tax credit carry over will be completely disappered!!!
    For example, if you have foreign tax credit carryover from 2007 for 10,000, then you paid foreign tax credit in 2008 for 5,000, and the allowed foreign tax credit for this year is 8000, then the correct way you shall still have 7,000 foreign tax crdit to be carried over to 2009, however, the Turbotax will show you would have -3,000 tax credit carry over to 2009. It will show that you have used all of your 2008 foreign tax credit, and you also have used $13,000 foreign tax credit carried from 2007.
    How can this happen? They simply did the math wrong. I checked with 2007 turbo tax, it was ok, I have sent email to TurboTax support team ask them to fix it, it is still not fixed as of today.
    By using 20008 turbo tax, your foreign tax credit could be completely diappeared. What a shame for such mistake causing us big money.

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INTU
74.03-0.24(-0.32%)Apr 17 4:00 PMEDT

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