Form 1116 Foreign Tax Credit 2010
Summary: This is an example of Form 1116 (2010) with items included
as described in the text. Additionally, these line items are completed:
-
Name
field contains Robert Smith -
Identifying number as shown on page 1 of your tax return
field contains 000-00-0000 -
f. Resident of (name of country)
field contains Country X - Under
Part I: Taxable Income or Loss From Sources Outside the United
States (for Category Checked Above): Deductions and losses
: -
-
1a. Gross income from sources within country shown above and
the type checked above (see page 13 of the instructions:
field contains 38,600 -
2. Expenses definitely related to the income
field contains 304 -
3a. Certain itemized deductions or standard deduction
field contains 1,500 -
3c. Add lines 3a and 3b
field contains 1,500 -
3d. Gross foreign source income (see instructions)
field contains 130,100 -
3e. Gross income from all sources (see instructions)
field contains 140,500 -
3f. Divide line 3d by line 3e (see instructions)
field contains .9260 -
3g. Multiply line 3c by line 3f
field contains 1,389 -
4a. Home mortgage interest expense (use worksheet on page
14 of the instructions)
field contains 4,648 -
6. Add lines 2, 3g, 4a, and 5
field contains 6,341 -
7. Substract line 6 from line 1a. Enter the result here and
on line 14, page 2
field contains 32,259
- Under
Part II: Foreign Taxes Paid or Accrued
: -
-
Country A: Credit is claimed for taxes (you must check one):
(h) Paid
checkbox checked -
(j) Date paid or accrued
field contains 12-31-2010 -
(n) Foreign taxes paid or accrued in foreign currency: Other
foreign taxes paid or accrued
field contains 64,800 -
(r) Foreign taxes paid or accrued in U.S. dollars: Other foreign
taxes paid or accrued
field contains 32,400 -
(s) Total foreign taxes paid or accrued (add columns (o) through
(r))
field contains 32,400 -
8. Add lines A through C, column (s). Enter the total here
and on line 9, page 2
field contains 327,400
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