Form 1116

IndyLap21 — Sun, 30 Mar 2025 19:21:17 GMT

I have greater than $600 foreign taxes paid all from RIC investments and am required to complete form 1116. Under what section/column do I report the foreign taxes paid on RIC investments.

thanks

Re: Form 1116

pk — Sun, 30 Mar 2025 21:17:54 GMT

@IndyLap21 , generally under Deductions & Credits tab, and then from the list of deductions/credits choose/select "Foreign Tax...".

Note that form 1116 recognizes your total foreign tax dollar for dollar but limits your allowable foreign tax credit for the tax year to lesser of actual taxes paid and that imposed/levied by US on the same doubly taxed income. Thus it is sometimes better ( taxwise) to recognize ONLY the safe harbor amount ( US$300 for single and US%600 for MFJ ) and thus avoid the limitations of form 1116.

Is there more I can do for you ?

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Form 1116

Re: Form 1116