Hello Community,
I'd like to get your guidance with regards to the deduction type to select when entering Definitely Related Expenses in Form 1116.
I have calculated my expenses, but I need to choose the deduction type:
Should I choose itemized or to deduct from gross income? What are the implications of either choice?
I have noticed my Federal Due bumped up by $3,000 when I entered my expenses for this form - what can be the reason for that? Am I missing any type of adjustment?
Thanks!!
