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    Daskevin's Avatar
    Daskevin Posts: 19, Reputation: 1
    New Member
    		  
    #1

    Nov 6, 2008, 03:14 PM
    Foreign Tax credit 1116Form
    Hi,

    I would like to know about how to calculate and submit my tax returns taking into consideration Foreign Tax Credit. I am an Indian and I am paying double taxation.I need more elaboration on Foreign Tax credit...

    Thanks in advance
    Kevin.
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #2

    Nov 7, 2008, 08:39 AM
    Kevin:

    Form 1116 is somewhat complex and cannot be easily explained in a forum like this.

    Strongly recommend that you use a tax professional with experience filing tax returns for foreign nationals like yourself.

    If you want my help, contact me at the email address below.
    Daskevin's Avatar
    Daskevin Posts: 19, Reputation: 1
    New Member
    		  
    #3

    Nov 7, 2008, 11:17 AM

    Ohh Ok... ATE actually what I need to know is what all benefits will I be getting from 1116 roughtly if you bullet it.. Appreciate your help

    Kevin
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #4

    Nov 7, 2008, 12:22 PM
    Kevin:

    You get a credit for the taxes paid to another country on income on which you are also paying U.S. income taxes.

    The credit CAN be substantial, but it is usually NOT dollar-for-dollar, because income tax rate in other countries tend to be higher than U.S. rates.
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