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Posted by scott s. on April 7, 2008, 5:13 pm
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All my foreign taxes have been on passive (dividend) income. I
normally have > $600 of foreign tax a year, so elect to file a 1116.
There was one year in the past where the income limitations resulted in
not being able to claim all my foreign taxes, and I have been carrying
this forward, claiming some each year as allowed.
My question is the form 1116 line 10 asks for a "detailed computation"
of the carryover amount. In the past I've provided a non-descript
statement but I'm wondering if I should just let "sleeping dogs lie"
or try to provide more info on the carryover? If so, just what
detailed compuation should I provide? I use tax prep software, and
have to admit that I tend to press the "I believe" button when it
comes to checking how the software comes up with 1116 / AMT-1116
data.
scott s.
..
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