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Deductions & credits
In addition to pushing TT to complete coding to allow e-filing of Form 1116 with Schedule B, maybe the TT Community could use the same energy to write your Congressperson or call your Congressperson's office to request that the foreign tax credit amount be increased to perhaps $600 single and $1,200 joint filing without the need to file Form 1116 or Schedule B. Won't help for 2021 but could help for 2022.
Looking back to a tax textbook from 2011, the $300 and $600 limits were the same in 2011 as 2021. Seems like an increase is long overdue.
March 5, 2022
2:49 PM
2,069 Views