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Federal Free Printable 2023 Form 1116 for 2024 Federal Foreign Tax Credit (Individual, Estate, or Trust)

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Foreign Tax Credit (Individual, Estate, or Trust)
2023 Form 1116

1116 Foreign Tax Credit OMB No. 1545-0121 Department of the Treasury Internal Revenue Service Attach to Form 1040, 1040-SR, 1040-NR, 1041, or 990-T. Go to www.irs.gov/Form1116 for instructions and the latest information. Attachment Sequence No. 19 Form 2023 (Individual, Estate, or Trust) Identifying number as shown on page 1 of your tax return Name Use a separate Form 1116 for each category of income listed below. See Categories of Income in the instructions. Check only one box on each Form 1116. Report all amounts in U.S. dollars except where specified in Part II below. a b Section 951A category income Foreign branch category income c d e f Passive category income General category income g Section 901(j) income Certain income re-sourced by treaty Lump-sum distributions h Resident of (name of country) Note: If you paid taxes to only one foreign country or U.S. possession, use column A in Part I and line A in Part II. If you paid taxes to more than one foreign country or U.S. possession, use a separate column and line for each country or possession. Part I i Taxable Income or Loss From Sources Outside the United States (for category checked above) Enter the name of the foreign country or U.S. possession . . . . . . . . . . . . 1a A Foreign Country or U.S. Possession B C Total (Add cols. A, B, and C.) Gross income from sources within country shown above and of the type checked above (see instructions): 1a b Check if line 1a is compensation for personal services as an employee, your total compensation from all sources is $250,000 or more, and you used an alternative basis to determine its source. See instructions . . . Deductions and losses (Caution: See instructions.): 2 Expenses definitely related to the income on line 1a (attach statement) . . . . . . . . . 3 Pro rata share of other deductions not definitely related: a Certain itemized deductions or standard deduction (see instructions) . . . . . . . . . . . b c d e f g Other deductions (attach statement) . . . . . Add lines 3a and 3b . . . . . . . . . . Gross foreign source income (see instructions) . Gross income from all sources (see instructions) . Divide line 3d by line 3e (see instructions) . . . Multiply line 3c by line 3f . . . . . . . . Pro rata share of interest expense (see instructions): 4 Home mortgage interest (use the Worksheet for Home Mortgage Interest in the instructions) . . b Other interest expense . . . . . . . . . Losses from foreign sources . . . . . . . Add lines 2, 3g, 4a, 4b, and 5 . . . . . . . Subtract line 6 from line 1a. Enter the result here and on line 15, page 2 5 6 7 a . . . . . . . . . . . Country Part II Foreign Taxes Paid or Accrued (see instructions) A B C 8 Credit is claimed for taxes (you must check one) Paid (j) (k) Accrued (l) Date paid or accrued 6 7 Foreign taxes paid or accrued In foreign currency Taxes withheld at source on: (m) Dividends (n) Rents and royalties (o) Interest In U.S. dollars (p) Other foreign taxes paid or accrued (q) Dividends (r) Rents and royalties Add lines A through C, column (u). Enter the total here and on line 9, page 2 . For Paperwork Reduction Act Notice, see instructions. (t) Other foreign taxes paid or accrued Taxes withheld at source on: . . Cat. No. 11440U (s) Interest . . . . . . (u) Total foreign taxes paid or accrued (add cols. (q) through (t)) 8 Form 1116 (2023) Form 1116 (2023) Page 2 Part III Figuring the Credit 9 10 Enter the amount from line 8. These are your total foreign taxes paid or accrued for the category of income checked above Part I . . 9 Enter the sum of any carryover of foreign taxes (from Schedule B, line 3, column (xiv)) plus any carrybacks to the current tax year. If you enter an amount on line 10 and you don’t need to attach Schedule B, check here (see instructions) . . . . . . . 10 (If your income was section 951A category income (box a above Part I), leave line 10 blank.) 11 Add lines 9 and 10 . . . . . . . . . 11 12 Reduction in foreign taxes (see instructions) . . . . . . . 12 ( 13 Taxes reclassified under high tax kickout (see instructions) . . 13 14 Combine lines 11, 12, and 13. This is the total amount of foreign taxes available for credit . 15 Enter the amount from line 7. This is your taxable income or (loss) from sources outside the United States (before adjustments) for the category of income checked above Part I. See instructions . . . . . . Adjustments to line 15 (see instructions) . . . . . . . . 15 16 Combine the amounts on lines 15 and 16. This is your net foreign source taxable income. (If the result is zero or less, you have no foreign tax credit for the category of income you checked above Part I. Skip lines 18 through 24. However, if you are filing more than one Form 1116, you must complete line 20.) . . . . . . . 17 Individuals: Enter the amount from line 15 of your Form 1040, 1040-SR, or 1040-NR. Estates and trusts: Enter your taxable income without the deduction for your exemption . . . . . 18 16 17 18 19 20 . . . . . . ) . . 14 Caution: If you figured your tax using the lower rates on qualified dividends or capital gains, see instructions. Divide line 17 by line 18. If line 17 is more than line 18, enter “1” . . . . . . . . . . . 19 Individuals: Enter the total of Form 1040, 1040-SR, or 1040-NR, line 16, and Schedule 2 (Form 1040), line 2. Estates and trusts: Enter the amount from Form 1041, Schedule G, line 1a; or the total of Form 990-T, Part II, lines 2, 3, 4, and 6. Foreign estates and trusts should enter the amount from Form 1040-NR, line 16. See instructions . . . . . . . . . . . . . . . . . 20 Caution: If you are completing line 20 for separate category g (lump-sum distributions), or, if you file Form 8978, Partner’s Additional Reporting Year Tax, see instructions. 21 Multiply line 20 by line 19 (maximum amount of credit) . . . . . . . . . . . . . . 21 22 Increase in limitation (section 960(c)) (see instructions) . . . . . . . . . . . . . . 22 23 Add lines 21 and 22 . . . . . . . . . . . . . . 23 24 Enter the smaller of line 14 or line 23. If this is the only Form 1116 you are filing, skip lines 25 through 32 and enter this amount on line 33. Otherwise, complete the appropriate line in Part IV. See instructions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Part IV Summary of Credits From Separate Parts III (see instructions) 25 26 27 28 29 30 31 32 33 34 Credit for taxes on section 951A category income . . . . . 25 Credit for taxes on foreign branch category income . . . . . 26 Credit for taxes on passive category income . . . . . . . 27 Credit for taxes on general category income . . . . . . . 28 Credit for taxes on section 901(j) income . . . . . . . . 29 Credit for taxes on certain income re-sourced by treaty . . . . 30 Credit for taxes on lump-sum distributions . . . . . . . . 31 Add lines 25 through 31 . . . . . . . . . . . . . . . . . . . Enter the smaller of line 20 or line 32 . . . . . . . . . . . . . . . Reduction of credit for international boycott operations. See instructions for line 12 . 35 Subtract line 34 from line 33. This is your foreign tax credit. Enter here and on Schedule 3 (Form 1040), line 1; Form 1041, Schedule G, line 2a; or Form 990-T, Part III, line 1a . . . . . . . . . . . . . . . . . . . 24 32 33 34 35 Form 1116 (2023)
Extracted from PDF file 2023-federal-form-1116.pdf, last modified December 2023

More about the Federal Form 1116 Individual Income Tax Tax Credit TY 2023

We last updated the Foreign Tax Credit (Individual, Estate, or Trust) in January 2024, so this is the latest version of Form 1116, fully updated for tax year 2023. You can download or print current or past-year PDFs of Form 1116 directly from TaxFormFinder. You can print other Federal tax forms here.

Other Federal Individual Income Tax Forms:

TaxFormFinder has an additional 774 Federal income tax forms that you may need, plus all federal income tax forms.

Form Code Form Name
Form 1040-EZ Income Tax Return for Single and Joint Filers With No Dependents
Form 1040-V Payment Voucher
Form 1040-ES Estimated Tax for Individuals
1040 (Schedule A) Itemized Deductions
Form 2210 Underpayment of Estimated Tax by Individuals, Estates, and Trusts

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Form Sources:

The Internal Revenue Service usually releases income tax forms for the current tax year between October and January, although changes to some forms can come even later. We last updated Federal Form 1116 from the Internal Revenue Service in January 2024.

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Form 1116 is a Federal Individual Income Tax form. States often have dozens of even hundreds of various tax credits, which, unlike deductions, provide a dollar-for-dollar reduction of tax liability. Some common tax credits apply to many taxpayers, while others only apply to extremely specific situations. In most cases, you will have to provide evidence to show that you are eligible for the tax credit, and calculate the amount of the credit to which you are entitled.

About the Individual Income Tax

The IRS and most states collect a personal income tax, which is paid throughout the year via tax withholding or estimated income tax payments.

Most taxpayers are required to file a yearly income tax return in April to both the Internal Revenue Service and their state's revenue department, which will result in either a tax refund of excess withheld income or a tax payment if the withholding does not cover the taxpayer's entire liability. Every taxpayer's situation is different - please consult a CPA or licensed tax preparer to ensure that you are filing the correct tax forms!

Historical Past-Year Versions of Federal Form 1116

We have a total of thirteen past-year versions of Form 1116 in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:


2023 Form 1116

2023 Form 1116

2022 Form 1116

2022 Form 1116

2021 Form 1116

2021 Form 1116

2020 Form 1116

2020 Form 1116

2019 Form 1116

2019 Form 1116

2018 Form 1116

2018 Form 1116

2017 Form 1116

2017 Form 1116

2016 Form 1116

2016 Form 1116

Foreign Tax Credit 2015 Form 1116

2015 Form 1116

Foreign Tax Credit 2014 Form 1116

2014 Form 1116

Foreign Tax Credit 2013 Form 1116

2013 Form 1116

Foreign Tax Credit 2012 Form 1116

2012 Form 1116

Foreign Tax Credit 2011 Form 1116

2011 Form 1116


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