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Level 4
posted Jun 1, 2019 3:12:29 AM

Can I add up and list all passive income from foreign sources on column A of Form 1116?

I am wanting to receive credit for foreign sourced income from dividends, k-1 partnerships and mutual funds.

I was wondering whether I needed to list these in separate columns on Form 1116 since the mutual funds would list as RIC. Is there a designation for k-1 income? It would be impractical to do separate sheets for each country as these would be about 50.

0 3 824
3 Replies
Level 9
Jun 1, 2019 3:12:31 AM

Are those 50 countries inside the RIC?

Level 4
Jun 1, 2019 3:12:32 AM

Not all of them.....some are inside the RIC and others relate to individual stocks .

Level 9
Jun 1, 2019 3:12:34 AM

The IRS wants each country to occupy one column on form 1116. Mutual funds being RIC would occupy one column, K-1's that are passive and have the same name as a country with dividends will occupy the same column.