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New Member
posted Jun 1, 2019 6:58:01 AM

How can I claim a direct tax credit for foreign taxes paid by RICs on form 1040, instead of a deduction on schedule A?

The amount is $628, about the same as 2016 when it was automatically entered as a tax credit from form 1116.

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1 Best answer
New Member
Jun 1, 2019 6:58:01 AM

To add the foreign taxes paid to see if you qualify for the credit:

  1.  Click “Federal Taxes” tab 
  2.  Select "Deductions and Credits" 
  3. Scroll down to "Estimates and Other Taxes Paid" 
  4. Press "Start" or "Revisit" next to "Foreign Taxes" to begin the interview.

 

1 Replies
New Member
Jun 1, 2019 6:58:01 AM

To add the foreign taxes paid to see if you qualify for the credit:

  1.  Click “Federal Taxes” tab 
  2.  Select "Deductions and Credits" 
  3. Scroll down to "Estimates and Other Taxes Paid" 
  4. Press "Start" or "Revisit" next to "Foreign Taxes" to begin the interview.