How to File IRS Form 1116 for a Foreign Tax Credit on Compensation

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Jason D. Knott

Күн бұрын

Пікірлер: 32

@AoyamaIchome 9 ай бұрын

This is super clear. The best video on FTC ! Thank you !

@JasonDKnott 9 ай бұрын

Glad it was helpful!

@crashoutsignal 5 ай бұрын

you have no idea how much this helped me thank you so much

@JasonDKnott 5 ай бұрын

Glad it helped. Thanks for the support!

@BasenjiRapper 5 ай бұрын

The first one to mention how to categorize taxes paid for general wages. Every other video skimmed over this central detail.

@JasonDKnott 5 ай бұрын

Glad to hear it was helpful. Thank you for the support!

@janetperry4904 3 ай бұрын

Super, thank you so much. I have struggled so much on this form, I will start again with more clarity.

@eac26114653 Жыл бұрын

Very thorough. Was able to follow you line by line.

@JasonDKnott Жыл бұрын

Glad it was helpful!

@bmmrrr Жыл бұрын

you did a very good explanation

@one4allall4one56 Жыл бұрын

Clear and useful! Thanks!

@FeeneyAaron 9 ай бұрын

What does it mean if you get a negative number on Part I Line 7? Also, if the tax years don't align (for example the U.K. is April - April while the U.S. is Jan - Jan), would you then use Foreign taxes accrued? Say in the U.K. example, four months of the U.S. tax year will have been paid, but the last 8 months of the year wont have been paid yet, but still have to be paid. Thanks for your help!

@mikeagnew879 Жыл бұрын

Great! Thank you!! Very easy to understand. ..

@alexander-xj2nn 9 ай бұрын

Whats the rationale for not allowing a credit for the full amount of the foreign taxes paid? why is it only a fraction? thanks,

@poty1231 Жыл бұрын

Excellent video, on your k2 and k3 video where do we report guaranteed payments made to foreign partner from US LLC? foreign partners are not US residents and services were provided by foreign partners outside the US.

@carlosbalderas7955 Жыл бұрын

Great video

@Mrspaige81 9 ай бұрын

Would there be any reason why the number in line 3e wouldn’t equal line 9 on the 1040?

@stevendesmond7064 Жыл бұрын

Thanks, very helpful!

@Projects2Passports 3 ай бұрын

This was helpful. Thank you! May you do a video on filing out the 1116 after taking the foreign earned income exclusion?

@carrie4579 6 ай бұрын

Thank you for the great video. I would like to know whether a taxpayer needs to file both 1116 form and 2555 form? or he has to choose one of these two forms?

@carrie4579 6 ай бұрын

Great video thank you so much. I would like to know whether 1116 form has schedule A?

@lukedebenham208 2 ай бұрын

I love this video. One question I have is what do we do if we work in countries with different tax years? I worked in the UK, for example, where the tax year is April - April. for the upcoming year jan 2023- jan 2024 do we include uk income tax from april 2022-2023?

@vladhilko 9 ай бұрын

thank you!

@MaahlerYT 6 ай бұрын

Excellent video. Very informative! How to fill out 1116 and 1040 if my W-2 and 1099-Div income is being taxed by a foreign county? I am a US citizen working remote for a US employer living in a foreign county. Since all income has already been included in the 1040, what do I put in box 1b at the top of form 1116?

@lanitalopes 10 ай бұрын

Hi Jason! In my case, I have to amend my tax return including my foreign income and applying for the foreigns tax credit. Do you have any video about that? Thank you!

@Team8LA 7 ай бұрын

Thank you. Why I see this foreign earned income been taxed twice? Income tax paid to foreign country, but we only claim percentage of it?

@WinWonder 9 ай бұрын

I'm confused by Fm 1116 line 18 instruction. I used lower Div/SG rates, but it doesn't make sense for the interior worksheet lines (2-11) to be subtracted from 1040 Line 15 which increases the size of the ratio on line 19 and so increases the threshold of allowable credit.

@WinWonder 9 ай бұрын

I would think that this section of Line 18 worksheet would increase the total to account for the discount/tax benefit received by using the Div/CG 1040 worksheet and so decrease the ratio and the threshold of the allowable credit.

@NishmaShah02 11 ай бұрын

My husband is working in USA and I was working in india for 6 months before moving to USA on H4 visa. We applied for double taxation in USA. We were asked to fill 1116 tax document. What documents do we have to submit for my wife's income in india for her income in india? If she has filed tax in india, will my husband get exemption in USA?

@jaynilpatel1478 10 ай бұрын

You both can file married filing jointly in 1040 and your wife's form 16 will be needed to report the income on that 1040 as well the tax that is paid in india that needs to be reported on 1116 to claim the credit.