Here's how to leverage either the Foreign Tax Credit or deduction. Both the credit and the deduction are entered in the same place. Here's what you do:
In most cases, taking the credit works out better than the deduction. We'll help you decide which one's best for you when you go through this section.
If you choose to take the credit (most people do), we'll attach Form 1116, Foreign Tax Credit if your situation requires it.
Note: You won't be able to take a credit or deduction for taxes paid (or accrued) on excluded foreign earned income or housing. This is because excluded income and housing isn't taxed in the first place.
The original article can be found here.
thank you... I will try again today as I had major struggles yesterday.
Can you also please advise how I can change that I own foreign account in my return?
I tried many different steps, while I still unsuccessful.. I used to live in the UK and still have foreign account there.
thankful for you help,
warmest
Claudia