Publication 514 (2005), Foreign Tax Credit for Individuals

A

Accrual foreign taxes, adjustments, You may have to post a bond.

Accrual method of accounting, Accrual method of accounting.

Allocation:

Carryback/carryover between husband and wife, Allocations Between Husband and Wife
Foreign losses, Foreign Losses
Foreign taxes, Allocation of Foreign Taxes
U.S. losses, U.S. Losses

Alternative minimum tax, Alternative Minimum Tax

Amended return, Claim for Refund

American Samoa, resident of, Possession Exclusion

Assistance (see Tax help)

B

Bankruptcy, effect of, Effect of bankruptcy or insolvency.
Beneficiary, Partner or S corporation shareholder.
Bond, income tax, You may have to post a bond.
Boycotting countries, Taxes From International Boycott Operations

C

Capital gains and losses, Capital Gains and Losses

Carryback and carryover:, Carrybacks and carryovers.

Allocations between husband and wife, Allocations Between Husband and Wife
Claim for refund, Time Limit on Tax Assessment
Joint return, Married Couples
Joint return-deduction year, Joint Return Filed in a Deduction Year
Taxes all credited or deducted, Claim for Refund
Time limit on tax assessment, Time Limit on Tax Assessment

Choice to take credit or deduction:

Changing your choice, Making or Changing Your Choice
Choice applied to all qualified foreign taxes, Choice Applies to All Qualified Foreign Taxes

Claim for refund, Claim for Refund

Classes of gross income, Classes of gross income.

Comments on publication, Comments and suggestions.

Comprehensive example, Comprehensive Example — Filled-In Form 1116

Controlled foreign corporation shareholder, Controlled foreign corporation shareholder., Income from controlled foreign corporations.

Credit for taxes paid or accrued, Credit for Taxes Paid or Accrued

Credit:

How to claim, How To Claim the Credit
How to figure, How To Figure the Credit
Limit on, Limit on the Credit

D

Deduction for foreign taxes that are not income taxes, Foreign taxes that are not income taxes.

Distributions:

FSC, Financial Services Income
Lump-sum, Lump-Sum Distribution

Dividends:

DISC, DISC Dividends
Taxes on, Taxes Imposed on Certain Dividends

Dual-capacity taxpayers, Dual-capacity taxpayers.

E

Economic benefits, Specific economic benefit.

Examples:

Comprehensive, Comprehensive Example — Filled-In Form 1116
Simple, Simple Example — Filled-In Form 1116

Excess limit, Carryback and Carryover

Exchange rates, Foreign Currency and Exchange Rates

Excluded income:

Foreign earned, Foreign Earned Income and Housing Exclusions
Taxes on, Taxes on Excluded Income

Exemption from foreign tax credit limit, Exemption from foreign tax credit limit.

Export financing interest, Export financing interest.

Extraterritorial income, Extraterritorial Income Exclusion

F

Financial services income, Financial Services Income

Foreign corporation-U.S. shareholders, filing requirements, Taxes of U.S. Persons Controlling Foreign Corporations and Partnerships

Foreign country, Foreign country.

Foreign currency and exchange rates, Foreign Currency and Exchange Rates

Foreign income, translating, Translating foreign currency into U.S. dollars.

Foreign losses:

Allocation of, Foreign Losses
Recapture of, Recapture of Foreign Losses

Foreign mineral income, taxes on, Taxes on Foreign Mineral Income

Foreign oil and gas extraction income, taxes on, Taxes on Foreign Oil and Gas Extraction Income

Foreign oil related income, taxes on, Taxes on Foreign Oil Related Income

Foreign partnerships-U.S. partners, filing requirement, Taxes of U.S. Persons Controlling Foreign Corporations and Partnerships

Foreign sales corporations (FSC), distributions, FSC Distributions

Foreign tax refund, Foreign tax refund., Foreign tax refund.

Foreign tax(es):

Allocation to income categories, Allocation of Foreign Taxes
For which you cannot take a credit, Foreign Taxes for Which You Cannot Take a Credit
Imposed on foreign refund, Foreign tax imposed on foreign refund.
Qualifying for credit, What Foreign Taxes Qualify for the Credit?
Redetermination, Foreign Tax Redetermination
Refund, Foreign tax imposed on foreign refund.

Form:

1040X, Claim for Refund
1116, Form 1116, Simple Example — Filled-In Form 1116, Comprehensive Example — Filled-In Form 1116
5471, Taxes of U.S. Persons Controlling Foreign Corporations and Partnerships
5713, Form 5713 required.
8833, Report required.
8865, Taxes of U.S. Persons Controlling Foreign Corporations and Partnerships
8873, Extraterritorial Income Exclusion

Free tax services, How To Get Tax Help

Functional currency, Translating foreign currency into U.S. dollars.

G

General limitation income, separate limit, General Limitation Income

H

Help (see Tax help)
High withholding tax interest, High Withholding Tax Interest
High-taxed income, High-taxed income.

I

Income re-sourced by treaty, separate limit, Income Re-Sourced By Treaty
Income tax, Income Tax
Income tax bond, You may have to post a bond.
Interest, Penalties and interest.
Interest expense, apportioning, Interest expense.
International boycott, Taxes From International Boycott Operations
Itemized deduction, Taxes for Which You Can Only Take an Itemized Deduction
Itemized deduction limit, Itemized deduction limit.

J

Joint return:

Carryback and carryover, Married Couples
Credit based on foreign tax of both spouses, Joint return.
Filed in a deduction year, Joint Return Filed in a Deduction Year

L

Levy, Income Tax

Limit on credit, Limit on the Credit

Losses, foreign:, Foreign Losses

Allocation of, Foreign Losses
Recapture of, Recapture of Foreign Losses

Losses, U.S.:, U.S. Losses

Allocation of, U.S. Losses

Lump-sum distributions, Lump-Sum Distribution

M

Making or changing your choice, Making or Changing Your Choice

Married couples:

Carryback and carryover, Married Couples
Joint return, Joint return.

Mineral income, foreign,, Taxes on Foreign Mineral Income

More information (see Tax help)

Mutual fund distributions, Mutual fund shareholder., Passive Income

Mutual fund shareholder, Mutual fund shareholder.

Passive income, Passive Income

Penalties, Penalties and interest.

Penalties:, Failure-to-notify penalty.

Failure to file Form 5471, 8865, Penalty for not filing Form 5471 or Form 8865.
Failure to file Form 5713, Penalty for failure to file.
Failure to notify, foreign tax change, Failure-to-notify penalty.
Failure to report treaty information, Report required.

Pension, employment, and disability fund payments, Pension, unemployment, and disability fund payments.

Personal property, sales or exchanges of, Sales or exchanges of certain personal property.

Possession exclusion, Possession Exclusion

Publications (see Tax help)

Purchase or sale of oil or gas, taxes in connection with, Taxes in Connection With the Purchase or Sale of Oil or Gas

Q

Qualified business unit, Translating foreign currency into U.S. dollars.
Qualified dividends, Capital Gains and Losses

R

Rate of exchange, Rate of exchange for foreign taxes paid.
Recapture of foreign losses, Recapture of Foreign Losses
Records to keep, Records To Keep
Redetermination of foreign tax, Foreign Tax Redetermination
Refund claims, time limit, Time Limit on Refund Claims
Refund, foreign tax, Foreign tax refund.
Reporting requirements (international boycott), Reporting requirements.
Resident aliens, Resident Aliens

S

S corporation shareholder, Partner or S corporation shareholder., Foreign Taxes From a Partnership or an S Corporation

Sanctioned countries, Taxes Imposed By Sanctioned Countries (Section 901(j) Income)

Section 901(j) income, Section 901(j) Income

Section 901(j) sanctioned income, Taxes Imposed By Sanctioned Countries (Section 901(j) Income)

Separate limit income:, Separate Limit Income, Passive Income

DISC dividends, DISC Dividends
Financial services income, Financial Services Income
FSC distributions, FSC Distributions
General limitation income, General Limitation Income
High withholding tax interest, High Withholding Tax Interest
Income re-sourced by treaty, Income Re-Sourced By Treaty
Lump-sum distribution, Lump-Sum Distribution
Passive income, Passive Income
Section 901(j) income, Section 901(j) Income
Shipping income, Shipping Income

Shareholder, Mutual fund shareholder.

Shipping income, Shipping Income

Simple example, Simple Example — Filled-In Form 1116

Soak-up taxes, Soak-up taxes.

Social security taxes, Pension, unemployment, and disability fund payments.

Source of income, rules for determining, Determining Source of Income

Subsidy, Subsidy received.

Suggestions for publication, Comments and suggestions.

T

Tax help, How To Get Tax Help

Tax treaties, Tax Treaties

Taxable income from sources outside the U.S., determination of, Determining Taxable Income From Sources Outside the United States

Taxes:

Excluded income, Foreign Earned Income and Housing Exclusions
In lieu of income taxes, Taxes in Lieu of Income Taxes
On dividends, Taxes Imposed on Certain Dividends
Paid or accrued, Credit for Taxes Paid or Accrued
Withheld on income or gain, Taxes Withheld on Income or Gain (Other Than Dividends)

Taxpayer Advocate, Contacting your Taxpayer Advocate.

Time limit:

Refund claims, Time Limit on Refund Claims
Tax assessment, Time Limit on Tax Assessment

Translating foreign currency, Translating foreign currency into U.S. dollars.

TTY/TDD information, How To Get Tax Help

U

U.S. citizens, U.S. Citizens

U.S. losses:

Allocation of, U.S. Losses

U.S. possessions, U.S. possessions.

Unused foreign tax credits, carryback or carryover, Carrybacks and carryovers., Carryback and Carryover

W

Wages, Wages completely excluded.
When refunds can be claimed, Time Limit on Refund Claims
When tax can be assessed, Time Limit on Tax Assessment
Who can take the credit, Who Can Take the Credit?
Why choose the credit, Why Choose the Credit?

Index

A

B

C

D

E

F

G

H

I

J

L

M

N

O

P

Q

R

S

T

U

W