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dunster6685
New Member

Stuck in loop trying to enter info for foreign tax credit. How do I do it?

 
2 Replies
MayaD
Expert Alumni

Stuck in loop trying to enter info for foreign tax credit. How do I do it?

The foreign tax credit is calculated on form 1116.  Make sure you've entered all your foreign income.

To claim the credit:

  1. Log in to your account.
  2. Go to Federal Taxes. 
  3. Go to Deductions and Credits.
  4. Scroll down to Estimates and Other Taxes Paid and click show more.
  5. Scroll down Foreign Taxes.

 

You won't be able to take a credit or deduction for taxes paid (or accrued) on excluded foreign earned income or housing.

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storybox
Level 1

Stuck in loop trying to enter info for foreign tax credit. How do I do it?

I'm stuck on Form 1065 p4-5: Sch K, Line 16p: Total foreign taxes accrued. Long story short, half our income comes from clients that live outside the US. They pay us, we do the work here in the US, and come tax time I'm not sure how to claim it. When I put it into Foreign income, it asks me for taxes paid (we haven't paid anything yet, but that's why we're filing to do so), or it asks us for taxes accrued. I don't know how to answer this. How do you find taxes you've accrued? I've googled this about 48 times with no helpful results!!

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