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MV24
New Member

Interest amount added to 'Amounts Attributable to Foreign Financial Accounts' but did not add in total income

 
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1 Reply
AmyC
Expert Alumni

Interest amount added to 'Amounts Attributable to Foreign Financial Accounts' but did not add in total income

This is how the program calculates Gross income from all sources for the Form 1116

This is total income before deductions and is the sum of:

Form 1040, lines 1, 2b, 3b, 4b, 5b and 6b plus
Schedule 1 (Form 1040), line 1 plus
Schedule 1 (Form 1040), line 2a plus
Schedule C, line 7 (all copies) plus
All gains reported on Schedule D minus Schedule D, line 11, Subtotal Line A(Form 4797, Gain from Part I) plus
All gains reported on Form 4797 plus
Schedule E, line 3 total plus line 4 total plus 
Schedule K-1 Worksheet - Estates and Trusts, Box 14 Code B : Foreign Tax Information section, line 7 (if it has a value); otherwise income reported in Part III lines 5, 6, 7 and 8 plus
Schedule K-3 - Partnerships Line B - Gross income from all sources
Schedule K-1 - Partnership Additional Information page 1, Box 11 section,Code A, line 1 (if positive) and line 3 and line 4 and Code I, line 5
Schedule K-3 - S Corporations Line B - Gross income from all sources
Schedule K-1 - S Corporation Additional Information page 1, Box 10 section, Code A, line 1 (if positive) and line 3 and line 4 and Code H, line 5
Schedule F, line 11 (all copies) plus
Form 4835, line 7 ( all copies) plus
Schedule 1 (Form 1040), line 7 plus
All positive income amounts on the Other Income Statement.

 

Can you clarify the issue? 

I am assuming your are looking at the Form 1116. It has schedules and worksheets. On the final form, part 1, it should show each country, the income from that country, and percentage of gross income from all sources. Are you saying that not all income is included in the gross income?

Maybe you are looking at the 8938 but the wording does not seem right. 

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