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How can I correct the mistake of not carrying forward the
How can I correct the mistake of not carrying forward the unused/leftover foreign tax credit for nearly 10 years on form 1116 -Part III -Figuring the Credit? -Line 10 Carry back or carryover (attach d… read more
James Daloisio
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Tax expert, please: I am a legal resident (Green card
A question for a tax expert, please: I am a legal resident (Green card holder) with German Citizenship, and receive a retirement pension in Germany, with direct deposit in my German bank account. All … read more
Barbara
Barbara
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I'm a US citizen living permanently in the UK. I'm using
I'm a US citizen living permanently in the UK. I'm using TaxAct to complete my Fed 2017 tax return. For my foreign (i.e. UK) earned income, I've completed a Form 2555. On my Form 1040, my earned incom… read more
Robin D.
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I am a UK resident who worked in the USA from September 2011
I am a UK resident who worked in the USA from September 2011 to October 2014. During my assignment in the USA I was awarded some shares. I had a tax accountant file my US taxes in 2015 and this year I… read more
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I am a Resident Alien in the US (with a Green Card) and have
I am a Resident Alien in the US (with a Green Card) and have been here for 17 years. I am originally from the United Kingdom. For 2015, I have some pension income from the UK which is in my British ba… read more
Lev
Lev
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Good Morning Lev, this is my question, US Resident also aCanadian
Good Morning Lev, this is my question, US Resident also aCanadian Citizen received a NR4 for $23328 and taxes taxes withheld in the amount of $5179 ($us) or ($5832 Can). The Code on NR4 is O2. I conta… read more
Lev
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Hi Lev, On Form 1116 for Rental Income on Foreign Property,
Hi Lev, On Form 1116 for Rental Income on Foreign Property, what should be on Line 2 (definitely related expenses) .. I have Line 20 on Schedule E of that rental property which contains all expenses r… read more
Lev
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I have a foreign tax credit in 2012, but cant get turbo tax
I have a foreign tax credit in 2012, but can't get turbo tax to carry it forward to 2013...what am i doing wrong.… read more
Arthur Rubin
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If Im filling out form 1116 for a foreign tax credit, do I
If I'm filling out form 1116 for a foreign tax credit, do I have to fill out Line 10 "Carryback or carryover (attach detailed computation)" if I already know that I'm over the limit in this tax year? … read more
Anne
Anne
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I have paid last year around 27778 towards property taxes in
I have paid last year around 27778 towards property taxes in Foreign country. I could not claim total amount and the amount carryover to this year is 27465. How can I claim this credit under 1116?… read more
Lev
Lev
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Question; This year, 2012 my wife sold a rental house for $300,000
Question; This year, 2012 my wife sold a rental house for $300,000 in the United Kingdom that was purchased 12 years ago with $100,000 inhiertance from her English parents. Yearly UK income tax was pa… read more
Stephanie B.
Stephanie B.
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US citizen worked 9 months in UK, earned $780K, paid $400K
US citizen worked 9 months in UK, earned $780K, paid $400K in tax. Moved back to US for last 3 months, earned $160K, paid $12K in tax. There were some adjustments and deductions totaling $100K. Appear… read more
jgordosea
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I am a US Citizen and I sold my personal property (Land) in
I am a US Citizen and I sold my personal property (Land) in Foreign country and the taxes paid over there. If I have to claim the tax credits in US what should and how should I fill in 1116 Form?… read more
gregmey
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I have US citizenship by birth. I am a UK/USA citizen
I have US citizenship by birth. I am a UK/USA citizen ie dual national. I have not lived in the USA since the age of 2 years old (currently 43 years old). I have always paid my taxes in the UK and my … read more
Lev
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Filling out form 1116. Need explanation for a carryover.
I am filling out form 1116 and I am unclear on how to calculate my carryover amount for line 10. Can you please explain how my last year's carryover was 126,426. Thank you… read more
Arthur Rubin
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I prepare the tax return for a Trust on a form 1041. Until
I prepare the tax return for a Trust on a form 1041. Until last year it was very straight forward since only taxable income was realized. Last year the Trust incurred a NOL which I have carried forwar… read more
MequonCPA
MequonCPA
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Hello. I have a couple of question to clarify. Let us consider
Hello. I have a couple of questions to clarify. Please, help. Let us imagine a situation as follows. A US citizen/taxpayer, living and working in the US and having some taxable income from sources in … read more
jgordosea
jgordosea
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I sold a foreign rental property in 2006 and paid ~18,000 ...
I sold a foreign rental property in 2006 and paid ~18,000 in foreign tax at the time of sale. I have to file a minimal tax return in that foreign country and it looks like I will get back roughly 9,00… read more
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