Ask Experts Questions for FREE Help !
Ask
    sissa51's Avatar
    sissa51 Posts: 3, Reputation: 1
    New Member
    		  
    #1

    Jan 30, 2008, 10:41 AM
    Form 1116
    I have just about finished with my 2007 tax return but I'm having trouble with form 1116. I had a total of 6908.00 of foreign dividends and paid a total of 941.00 in foreign taxes. My program has a worksheet for form 1116 but it doesn't seem to want to give me the credit. I know some of the credit will carryover to 2008. Any suggestions as to what I am doing wrong? Thanks so much. Alan
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #2

    Jan 30, 2008, 03:47 PM
    Did you check the appropriate box at the top of the Form 1116 to classify the income?
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Form 1099 received, but do I report on Form 1040 or just Form 2106? [ 1 Answers ]

Greetings. I'm hoping I can get some help on what to do with a 1099-MISC form I received from my employer that were for business expense reimbursements. I have read through some questions and answers already and based on them I'm going to file this as a Form 2106. The question is should I...

Tax software for calculating foreign tax credits on Form 1116 [ 7 Answers ]

Hi there. I wonder if anyone can advise me which is the best software for filling out Form 1116? I am using Turbotax 'Home and Business' and the IRS instructions together to fill mine out, but the IRS instructions are SO complicated and the Turbotax software assumes that you know a lot about...

Form 1116 and the baskets; allocating Cdn taxes [ 1 Answers ]

I have many clients who live in Canada and have no US income. According to this Form, one has to divide their foreign income/taxes into two boxes, the passive box and the general box. As a result of the dividend tax credit in Canada, the taxes on divdend income earned if the taxable income is...

Form 1116, foreign tax credit: Tax paid vs tax accrued, exchange rates and dates [ 2 Answers ]

Hi, I'm applying for foreign tax credit on taxes I've paid / accrued on interest earned in savings accounts and certificate deposits in New Zealand. For cds, the bank statements don't give precise dates for when taxes were withheld. And so I have several questions relating to form 1116, Part II: ...

Should I file F-1116? [ 2 Answers ]

Hi, I am a resident alien for tax purposes . Married and filing jointly. My wife worked for 2 months in india before I got married and her gross income was 900$ approximately. Should claim foreign tax credit for her? Should I file F1116 along with F1040? Your response is greatly appreciated....

View more questions Search