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Get your taxes done using TurboTax
Form 1116 is used to determine the foreign tax credit amount allowed on your return. Verify the amounts and see www.irs.gov/pub/irs-pdf/i1116.pdf.
1. Under Part 1, Line 1a on Form 1116, you show a -18,427, so this would be the total gross income amounts and if a negative would be a total or combined loss.
2. For your question about Form 1116, Part 1, Line 3e showing a number greatly in excess of total income and how this is possible- this total includes gross income from all gross receipts (less any cost of goods sold), any capital and ordinary gains and any other income, including any excluded income from Form 2555.
‎September 27, 2023
12:54 PM