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New Member
posted Mar 11, 2024 1:55:43 PM

How can I claim a Foreign Tax Credit without completing a Form 1116? See "Election To Claim the Foreign Tax Credit Without Filing Form 1116" in the Form's Instructions

The Instructions indicate the following
You may be able to claim the foreign tax credit without filing Form 1116. By making this election, the foreign tax credit limitation (lines 15 through 23 of the form) won't apply to you.

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1 Replies
Expert Alumni
Mar 11, 2024 2:06:34 PM

It depends. The criteria to file without using the form is shown below.  Use this to compare to your situation.

 

Single filers who paid $300 or less in foreign taxes, and married joint filers who paid $600 or less, can omit filing Form 1116. But using the form enables you to carry forward any unused credit balance to future tax years; without filing Form 1116, you give up this carryover tax break.

When you use TurboTax to prepare your taxes, we'll ask you straightforward questions about your foreign income, determine how much of it is deductible (or available as a credit), and fill in all the right forms for you.