How to File IRS Form 1116 (Foreign Tax Credit) for Non-U.S. Income & Taxes
ฝัง
- เผยแพร่เมื่อ 30 ก.ย. 2024
- For other videos on the Foreign Tax Credit and Form 1116:
How to file Schedule B of Form 1116: • How to Fill in Schedul...
Adjustments for Qualified Dividends: • How to File Form 1116 ...
How to file Form 1116: • How to File IRS Form 1...
Form 1116 and Form 1099-DIV: • IRS Form 1099-DIV with...
Form 1116 with Foreign Compensation: • How to File IRS Form 1...
Form 1116 is filed by U.S. taxpayers to report foreign source income and claim a foreign tax credit against their U.S. tax liability.
In this example, a U.S. taxpayer has foreign investment income which he reports on his Schedule B Form 1040, and he wants to claim foreign tax credits for the foreign taxes withheld on dividends and interest income. None of the dividends are foreign qualified dividends, but some of the U.S. source dividend income is qualified dividend income. When figuring the credit in Part III of Form 1116, the taxpayer just must adjust the taxable income amount on Line 18.
The taxpayer also has foreign tax carryovers from prior years, which are reported on Schedule B Form 1116.
This video addresses the following topics:
1. Foreign tax carryovers on Schedule B.
2. Foreign dividends & interest reporting on Form 1116.
3. Foreign tax credit limitation calculation.
4. Different categories of income (passive, general, 951A).
For a larger database of tutorials, please visit our website and search for your question:
knottlearning....
DISCLAIMER: The information provided in this video may contain information about tax, financial, and legal topics. Such materials are for informational purposes only and may not reflect the most current developments. These informational materials are not intended and should not be taken as tax, financial, or legal advice. You should contact an advisor to discuss your specific facts and circumstances. Self-help services may not be permitted in all states or jurisdictions. The use of these materials does not create an attorney-client or confidential relationship. This video does not include information about every topic or issue related to these informational materials.
#Form1116 #ForeignTaxCredit #TaxCredits
