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Deductions & credits
Depending on the type of K-1 income that the foreign tax credit was based from, it may need to be reported in another category of income. Your Supplemental Statements that came with your K-1 may have this information.
1099DIV is passive income that comes from INT and DIV foreign income and requires its own 1116. If the income from your K-1 is from another category of income, then a separate 1116 would need to be generated because may be another category of income. Find out this information.
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March 17, 2021
3:25 PM