Foreign tax credit form 1116 Can you receive a tax credit for the exact amount of foreign taxes paid using form 1116.or is there another method to get a full credit?

[Critter]

Where do I enter the foreign tax credit (Form 1116) or deduction?

Where do I enter the foreign tax credit (Form 1116) or deduction?

Where do I enter the foreign tax credit (Form 1116) or deduction?

Both the credit and the deduction are entered in the same place.

Here's what you do:

1. Make sure you've entered all your foreign income.
2. From within your return, search for foreign tax credit and select the Jump to link in the search results.
3. Click Continue and follow the instructions.

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.

Related Information:

• What qualifies for the Foreign Tax Credit?
• Why doesnt the foreign tax credit show up on Schedule 3, Line 48 of my 1040?
• Can the Foreign Tax Credit be carried over or carried back?
• Do I need to report foreign income?

The foreign tax credit is rarely $ for $ against US taxes ... the form 1116 will prorate it as required.

Why doesn't the foreign tax credit show up on Schedule 3, Line 48 of my 1040?

Why doesn't the foreign tax credit show up on Schedule 3, Line 48 of my 1040?

Why doesn't the foreign tax credit show up on Schedule 3, Line 48 of my 1040?

One possibility is that you don't have any amounts on Form 1040, Line 11. This can happen if you're under the filing threshold or if you haven't finished entering all your income yet.

Another possibility is that you took the deduction instead of the credit. In this case, it'll show up on Schedule A, Line 6 as "other taxes."

If you want to switch from the deduction to the credit:

1. Open (continue) your return.
2. Search for foreign tax credit and select the Jump to link in the search results.
3. Answer the questions until you get to Do you want the deduction or the credit?
4. Click Take a Credit and proceed.

Most people are better off taking the credit as it's a dollar-for-dollar reduction in your taxes.

Related Information:

• Where do I enter the foreign tax credit (Form 1116) or deduction?
• What qualifies for the Foreign Tax Credit?
• Do I need to file a federal return this year?

[Cannukie]

how do i see my form 1116 foreign tax and amend it before filing..where do i review real IRS forms 1040 too