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Harry1040
Returning Member

2024 income from all sources on Form 1116- where is the data source?

 
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pk
Level 15
Level 15

2024 income from all sources on Form 1116- where is the data source?

@Harry1040 

Generally this should be the  your total world income including foreign income. Form 1116   for computation of allowable  credit for the year uses  form 1040 lines  11 ( AGI ), 15( Taxable Income ) and 16 ( total Tax )  Through all this machination what it trying to do  determine ( in a ratiometric manner)  that  US tax that has been levied on the foreign in come.  The credit you get is  lesser of   Foreign Taxes Paid  and  that imposed by  US on the foreign  in come.

 

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