Form 1116 Foreign Tax Credit 2010
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 -
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):
: -
-
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 -
3a. Certain itemized deductions or standard deduction (see
instructions)
field contains 1,500 -
3c. Add lines 3a and 3b
field contains 1,500 -
3d. Gross foreign source income (see instructions)
field contains 5,000 -
3e. Gross income from all sources (see instructions)
field contains 110,400 -
3f. Divide line 3d by line 3e (see instructions)
field contains .0453 -
3g. Multiply line 3c by line 3f
field contains 68 -
4a. Home mortgage interest (use worksheet on page 14 of the
instructions)
field contains 1,294 -
6. Add lines 2, 3g, 4a, 4b, and 5
field contains 1,362 -
7. Substract lines 2, 3g, 4a, 4b, and 5
field contains 3,638
- 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 12-31-08 -
(k) Foreign taxes paid or accrued in foreign currency: Dividends
field contains 900 -
(m) Foreign taxes paid or accrued in foreign currency: Interest
field contains 100 -
(o) Foreign taxes paid or accrued in U.S. dollars: Dividends
field contains 450 -
(q) Foreign taxes paid or accrued in U.S. dollars: Interest
field contains 50 -
(s) Total foreign taxes paid or accrued (add columns (o) through
(r))
field contains 500 -
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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