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cf-mjwenz
New Member

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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CapB
New Member

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

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.

 

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1 Reply
CapB
New Member

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

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.

 

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