Skip to main content

Legal

Tax & Accounting

Trade & Supply

Risk & Fraud

News & Media

Books

Developers

Foreign tax credit - Form 1116

Form 1116, Line 1a calculation

The amount of gross income from sources within the country generally equals the total income from the category of income indicated in lines a through d and the country indicated in line g of Form 1116.
Per Form 1116 instructions, line 1a can be affected by a few different factors.
  • Taxpayers may be required to make certain adjustments to foreign source qualified dividends or foreign source capital gains or losses. Go to
    Tax Forms
    ,
    Federal
    ,
    1116 Foreign Tax Credit
    ,
    Page 1 By Country
    , and then Country Name. Drill down on line 1a. This yellow workpaper outlines details of the calculation, including a line for foreign source capital gain net income as adjusted.
  • Review Forms 1099-INT, 1099-OID, 1099-DIV, Brokerage Statement (consolidated 1099), or Schedule K-1 with foreign amounts and ensure these documents have the same foreign country and foreign income type as
    Organizer
    ,
    Foreign Information
    ,
    Foreign Tax Credit
    ,
    Foreign Country
    ,
    Foreign Tax Credit Information
    .
  • If amounts aren't linked from source documents or Schedule K-1, go to
    Organizer
    ,
    Foreign Information
    ,
    Foreign Tax Credit
    ,
    Foreign Country
    ,
    Foreign Tax Credit Information
     and review the amounts entered for the foreign tax credit.

This article applies to:

  • Product: ONESOURCE Income Tax Express RS
  • Return type: 1040 Individual
  • Subject: Credits
Chat now

error-icon

Triva isn't available right now.

Check out the support page for our phone number and hours

error-close