pk
Level 15
Level 15

Deductions & credits

Under 26.USC.904.(j).2.(B), if your total foreign taxes paid  do not exceed $300 ( $600 for joint filer) in any taxable year, then there is no need to use form 1116 to compute allowable  foreign tax credit -- the limit does not apply i.e. all the foreign  taxes claimed is allowed as credit. So if this your case then  there should be no 1116 computation