MarilynG1
Expert Alumni

Deductions & credits

In the Foreign Tax Credit section, you will report both the amount and type of Foreign Income that was taxed, and the amount of Foreign Tax paid on that income.

 

Each type of income will have its own Form 1116.

 

Here's more detailed info on income types and Claiming the Foreign Tax Credit.

 

Yes, you can use the IRS website for calculating foreign currency exchange values.

 

 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"