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MP1
New Member

I am taking foreign earned income exclusion. Is it also allowed to take foreign tax credit for foreign taxes paid for passive foreign income (both forms 1116 and 2555)?

Turbo tax allowed me to enter both. But just wanted to make sure...

1 Reply
pk
Level 14
Level 14

I am taking foreign earned income exclusion. Is it also allowed to take foreign tax credit for foreign taxes paid for passive foreign income (both forms 1116 and 2555)?

Any un-excluded income  ( foreign earned income exclusion ) , is eligible for  foreign tax credit--if that income is taxed by both the USA and the  "other" country. So yes  you can have  both form 2555 and 1116 in one return.  You should just make sure  that there is no double counting.

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