Home Page link  

reporting foreign tax paid

  
Groups | Search | About
User Password
Register Now! Lost Password?

Taxes General Forum - Tax professionals meeting place and answers to queries. (Moderated)

 Post an article  get this group's latest topics as an RSS feed add this group's latest topics to your My MSN content add this group's latest topics to your My Yahoo content  add this group's latest topics to your Google content  YahooMyWeb Yahoo!  Google Google  Windows Live Favorites Windows Live  del.icio.us del.icio.us  digg digg  Add to Netscape Netscape
Subject Author Date
reporting foreign tax paid Jeff 04-01-2008
Posted by Jeff on April 1, 2008, 8:01 pm
Please log in for more thread options
 I have several accounts where foreign taxes were paid. Many are small
amounts in 1099-DIV from the broker but one is over $600 and therefore
requires a Form 1116.

My question is: because of that one account where the 1099DIV reports a
foreign tax over $600 do I need to also enter all the small amounts from
the other 1099 DIVs in the 1116 - or - do I just use the Form 1116 for
the one 1099-DIV that is over $600 and take the credit for the others
without including them in the 1116?

Hope I am clear.

Jeff

--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>

Posted by Rich Carreiro on April 1, 2008, 8:34 pm
Please log in for more thread options
> My question is: because of that one account where the 1099DIV reports a
> foreign tax over $600 do I need to also enter all the small amounts from
> the other 1099 DIVs in the 1116

Yes.

> - or - do I just use the Form 1116 for
> the one 1099-DIV that is over $600 and take the credit for the others
> without including them in the 1116?

No.

--
Rich Carreiro rlc-news@rlcarr.com

--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>

Similar ThreadsPosted
reporting past balances in foreign bank acct April 15, 2007, 1:23 pm
foreign taxes paid February 16, 2008, 12:05 pm
Can mortgage interest paid to a foreign lender be considered portfolio interest (tax exempt)> March 10, 2007, 1:06 am
IRS Form 3520, Section 679 IRC - what is a "foreign trust"? Not a foreign partnership, right? July 25, 2007, 6:22 pm
Foreign Earned Income Exclusion & Foreign Tax Credit May 21, 2008, 9:29 am
Foreign Income Exclusion vs. Foreign Tax Credit March 25, 2007, 12:07 pm
Foreign Tax Credit & Foreign Income Exclusion June 3, 2008, 9:35 am
Reporting of partnership February 27, 2007, 4:14 pm
Tip Reporting Question March 31, 2007, 10:34 pm
Options Tax Reporting March 4, 2008, 11:31 am

Contact Us | Privacy Policy
This site is not affiliated with Intuit - makers of Quickbooks and Quicken software
This site is not affiliated with Sage Software - makers of Peachtree accounting software
XML SitemapXML Sitemap