Form 1116

Form 1116

A form that one files with the IRS in order to claim the foreign tax credit, which is a direct, dollar-for-dollar reduction in one's U.S. tax liability due to taxes levied by a foreign government. Form 1116 is used whether the filer is an individual, a trust, or an estate.
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Unless otherwise stated, the statistics reported in this article are based on data compiled from Form 2555, Foreign Earned Income, Form 2555-EZ, Foreign Earned Income Exclusion, Form 1116, Foreign Tax Credit, and Form 1040, U.
Form 1040 and if required on Form 1116 "Foreign Tax Credit (Individual, Estate, or Trust)".
An adjustment calculation worksheet is provided by the IRS in the 2005 Instructions to Form 1116, Foreign Tax Credit; see p.
If you did not complete Part III of Form 6251, enter the amount from line 28 of Form 6251 on line 17 of the AMT Form 1116 and go to Step 7 on page 8.
Also, while the program correctly determined the taxpayers' gross income from foreign sources and from all sources on a supporting schedule, we were unable to generate form 1116 to compute the foreign tax credit owed the taxpayers from their international mutual fund investments.
shareholders, those shareholders must report the CFC's earnings and foreign taxes paid on Form 1116 or 1118 (Computation of Foreign Tax Credit).
Canadian withholding taxes that have been withheld from your distributions should be reported on Form 1116 "Foreign Tax Credit (Individual, Estate or Trust)".
Canadian withholding taxes that have been withheld from the taxable portion of your distributions (as computed under Canadian tax principles) should be reported on Form 1116 "Foreign Tax Credit (Individual, Estate or Trust)".
The tax withheld is eligible for the foreign tax credit computed on Form 1116, Foreign Tax Credit.
The IRS does not allow electronic filing of returns with foreign addresses or for taxpayers who use Form 1116, "Foreign Tax Credit.
The amount included on Line 6 of the Form 1099-DIV, representing the amount of foreign tax paid (Canadian withholding tax), should be reported on Form 1116 "Foreign Tax Credit (Individual, Estate, or Trust)".
Between 2001 and 2006, inflation-adjusted foreign-source gross income reported on Form 1116 grew 86.