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Form 1116, foreign tax credit, prorate standard deduction?
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Hello, I need to fill two Forms 1116 Foreign Tax Credit, one for passive and one for general category income. When I get to line 3a, since I don't itemize deductions I need to place my standard deduction, which is 10900 for married filing jointly. My question is, do I need to prorate this...
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Hello I am having trouble filling out form 1116. For Jan 07 through Dec 2007 I have US income. During the same year for Jan 2007 through March 2007 - I have paid taxes ($1634) in India on the income earned in the US for these 3 months (Gross Income $17495) . US taxes were also deducted atr...
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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...
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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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