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Category: Foreign Tax Credit (Form 1116)
9 Articles
Orange arrow Reporting Foreign Income and claiming Foreign Income Exclusion

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  Overview: If you are a U.S. citizen or a resident alien of the United States and you live abroad, you are taxed on your worldwide income. However, for US tax purposes, you may qualify to exclude from your income up to the foreign earned income exclusion amount for that tax year. In addition, you m...
Orange arrow Estate

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  Form 1116 Foreign Tax Credit (Individual, Estate, or Trust) , File Form 1116 to claim the Foreign Tax Credit if: You are an individual, estate, or trust and You paid or accrued certain foreign taxes to a foreign country or U.S.possession. See Form 1116 for more information....
Orange arrow What is Pro Rata share of interest expenses on Form 1116?

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  These include: Home mortgage interest. If your gross foreign source income (including income excluded on Form 2555 or Form 2555-EZ) does not exceed $5,000, you can allocate all of your interest expense to U.S. source mortgage interest (including points and income. Otherwise, deductible home qua...
Orange arrow What foreign taxes are NOT included in calculating foreign tax credit on Form 1116?

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  You may have to reduce the foreign taxes you paid or accrued by the following items. - Taxes on income excluded on Form 2555 or Form 2555-EZ. - Taxes on income from Puerto Rico exempt from U.S. tax. - Taxes on income from American Samoa excluded from U.S. tax. - Taxes on foreign-oil-related inc...
Orange arrow Am I eligible to claim the Foreign Tax Credit?

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  The foreign tax credit is intended to reduce the double tax burden that would otherwise arise when foreign source income is taxed by both the United States and the foreign country from which the income is derived. Generally, only income taxes paid or accrued to a foreign country or a U.S. possessi...
Orange arrow Foreign Tax Credit

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  The foreign tax credit is intended to reduce the double tax burden that would otherwise arise when foreign source income is taxed by both the United States and the foreign country from which the income is derived. Generally, only income taxes paid or accrued to a foreign country or a U.S. possessi...
Orange arrow How Do International Boycott Operations Affect Form 1116 Foreign Tax Credit?

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  How Do International Boycott Operations Affect Form 1116 Foreign Tax Credit? In general, if you agree to participate in, or cooperate with, an international boycott, you must file Form 5713, International Boycott Report, and attach all supporting schedules. In addition, you must reduce either the ...
Orange arrow What are the rules for Form 1116 foreign income credit carry back and carry forward?

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  You can carry back 1 year and then forward 10 years any foreign tax you paid or accrued to any foreign country or U.S. possession that is more than the limitation. First, apply the excess to the earliest year to which it may be carried. Then, apply it to the next earliest year, and so on. The carr...
Orange arrow What can be considered expenses definitely related to income on Form 1116 Foreign Income Credit?

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  These are deductions that definitely relate to the gross income from foreign sources reported amount. For example, if you are an employee reporting foreign earned income, these are expenses such as those incurred to move to a new principal place of work outside the United States or supplies you bou...

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