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Get your taxes done using TurboTax
I am limited on using the full tax credit. Does that mean I can add the income from the k-3 to line 1a of Form 1116 even though I did not pay any foreign tax on that income. The income from the k3 is all passive and comes from dividends, interest, and Other Income (QEF from form 8621). Clearly, the more income I am able to put on line 1a of form 1116, the less I will be limited in using my foreign tax credit.
‎April 6, 2024
2:27 PM