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ag116
Returning Member

Form 1116 Foreign taxes paid - In Foreign currency

In Part II - how to report Foreign Tax paid in foreign currency ?

 

Part of the dividends and foreign tax paid were on foreign bank accounts.

The other part were in US dollars. 

 

 

 

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2 Replies
MayaD
Expert Alumni

Form 1116 Foreign taxes paid - In Foreign currency

Report all amounts in U.S. dollars except where specified otherwise in Part II. If you have to convert from foreign currency, attach a detailed explanation of how you figured the conversion rate. For instruction on form 1116 part II please check 2020 Instructions for Form 1116 page 3.

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ag116
Returning Member

Form 1116 Foreign taxes paid - In Foreign currency

Actually I wanted to enter an amount on Form 1116, Part II, (m)

On your website, I filled in all the dividends I got from US and foreign source converted to USD in the Wages and Income section, Dividends on 1099-DIV sub-section, Box 7 - Foreign tax paid.

However some of them were converted to USD from foreign currency already and as such should be reported on Form 1115, Part II, (m) instead of (q).

How can I get that split ?

 

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