Form 1116

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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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Data are from Forms 1116, Foreign Tax Credit, which U.S.
Once the proposed rules become effective, the IRS will modify the instructions to Forms 1116, Foreign Tax Credit (Individual, Estate, or Trust), and 1118, to permit summary reporting at the shareholder level of RIC foreign-source income and foreign taxes passed through to shareholders under the Sec.
Data are from Forms 1116. Figure G Foreign-Source Taxable Income and Foreign Taxes, by Selected Country, Tax Year 2006 Billions of dollars Foreign-source taxable Foreign taxes income before adjustments paid or accrued United Kingdom 9.2 3.0 Canada 6.8 1.8 Japan 2.1 0.7 India 2.1 0.1 Germany 2.0 0.8 Hong Kong 1.4 0.3 China 1.4 0.5 Mexico 1.2 0.3 Totals [1]: $41.4 $10.7 [1] Totals represent amounts reported on Form 1116 with stated country or region.
Additional forms that will be eligible for 1993 are Forms 1116, 4970, 4972, 8396, 8615, 8814, 8815 and 8828, and Schedule C-EZ.