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    msc5825's Avatar
    msc5825 Posts: 1, Reputation: 1
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    Feb 18, 2008, 09:07 PM
    Foreign Tax Credit Form 1116
    Over the past year I owned two Canadian oil royalty trusts which I sold in November. During that time I paid a total of $425 in taxes to Canada on the dividends. Anyone have an idea how to fill out form 1116? Looks very complicated. Or do you know of some source that has instructions for a simple minded guy as myself? Thanks in advance.
    MukatA's Avatar
    MukatA Posts: 7,110, Reputation: 176
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    Feb 18, 2008, 09:52 PM
    On Form 1116 you will report your foreign income and taxes paid on it. This you will figure out your foreign tax credit.
    I is too difficult to do it manually. I have always done this using a tax software.
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