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Preparing Form 1116 for Foreign Tax Credits Textbook (2021) - #21360

Preparing Form 1116 for Foreign Tax Credits Textbook (2021) - #21360

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Overview

Description:

The general purpose of the foreign tax credit is to mitigate the effects of double taxation on foreign-source income. More specifically, the foreign tax credit (FTC) reduces a U.S. taxpayer´s tax liability with respect to its foreign source income by all or part of the foreign taxes, paid or accrued during the tax year. The credit is generally limited to the lesser of the foreign tax paid or accrued, or the U.S. tax liability on the foreign source income. You need to know how to complete Form 1116, Foreign Tax Credit (Individual, Estate, or Trust), to reduce the double taxation on their foreign-sourced income.

View Table of Contents.

Topics include:

  • Differentiating between U.S. and foreign source income
  • Applying the sourcing rules to maximize the foreign tax credit and minimize excess credits
  • Comparing the difference between the direct foreign tax credit and the indirect foreign tax credit
  • Completing Form 1116

Product Details:

Level: Basic

Authors: NATP Staff

Published: 2021

Format: Print - 62 Pages


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