Publication 514 |
2008 Tax Year |
Form 1116 Foreign Tax Credit 2007. Summary: This is an example of Form 1116 (2007) with items included as described in the text. Additionally, these line items
are
completed:
“Name” field contains Robert Smith
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“Identifying number as shown on page 1 of your tax return” field contains 000-00-0000
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“f. Resident of (name of country)” field contains Country X
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Under
“Part I: Taxable Income or Loss From Sources Outside the United States (for Category Checked Above):”:
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“1a. Gross income from sources within country shown above and of the type checked above (see page 14 of the instructions:” field
contains 5,000
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“3a. Certain itemized deductions or standard deduction (see instructions)” field contains 940
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“3c. Add lines 3a and 3b” field contains 940
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“3d. Gross foreign source income (see instructions)” field contains 5,000
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“3e. Gross income from all sources (see instructions)” field contains 110,400
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“3f. Divide line 3d by line 3e (see instructions)” field contains .0453
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“3g. Multiply line 3c by line 3f” field contains 43
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“4a. Home mortgage interest (use worksheet on page 14 of the instructions)” field contains 587
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“6. Add lines 2, 3g, 4a, 4b, and 5” field contains 630
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“7. Substract lines 2, 3g, 4a, 4b, and 5” field contains 4,370
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Under
“Part II: Foreign Taxes Paid or Accrued”:
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“Country A: Credit is claimed for taxes (you must check one): (h) Paid” checkbox checked
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“(j) Date paid or accrued” field contains 12-31-07
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“(k) Foreign taxes paid or accrued in foreign currency: Dividends” field contains 900
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“(m) Foreign taxes paid or accrued in foreign currency: Interest” field contains 100
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“(o) Foreign taxes paid or accrued in U.S. dollars: Dividends” field contains 450
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“(q) Foreign taxes paid or accrued in U.S. dollars: Interest” field contains 50
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“(s) Total foreign taxes paid or accrued (add columns (o) through (r))” field contains 500
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“8. Add lines A through C, column (s). Enter the total here and on line 9, page 2” field contains
500
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