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Form 1116
[ 1 Answers ]
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...
Form 1099 received, but do I report on Form 1040 or just Form 2106?
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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
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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: ... View more questions Search
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