This book is for preparing 2021 taxes. 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.
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Item Number: E21360
Authors: NATP Staff
Format: Electronic PDF - 62 Pages
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