Federal Foreign Tax Credit (Individual, Estate, or Trust)
Extracted from PDF file 2018-federal-form-1116.pdf, last modified December 2018
Foreign Tax Credit (Individual, Estate, or Trust)Form 1116 Foreign Tax Credit OMB No. 1545-0121 2018 (Individual, Estate, or Trust) Attach to Form 1040, 1040NR, 1041, or 990-T. ▶ Go to www.irs.gov/Form1116 for instructions and the latest information. ▶ Department of the Treasury Internal Revenue Service (99) Attachment Sequence No. 19 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 income Foreign branch income c d Passive category income General category income e f 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 Taxable Income or Loss From Sources Outside the United States (for category checked above) Foreign Country or U.S. Possession i Enter the name of the foreign country or U.S. possession . . . . . . . . . . . ▶ 1a A Total (Add cols. A, B, and C.) C B 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 b c d e f g 4 a Certain itemized deductions or standard deduction (see instructions) . . . . . . . . . . . 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): 5 6 Home mortgage interest (use the Worksheet Home Mortgage Interest in the instructions) . Other interest expense . . . . . . . . Losses from foreign sources . . . . . . Add lines 2, 3g, 4a, 4b, and 5 . . . . . . 7 Subtract line 6 from line 1a. Enter the result here and on line 15, page 2 b for . . . . 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 . . . . . ▶ 8 (u) Total foreign taxes paid or accrued (add cols. (q) through (t)) Form 1116 (2018) Form 1116 (2018) Page 2 Part III Figuring the Credit 9 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 10 Carryback or carryover (attach detailed computation) 10 11 (If your income was section 951A income (box a above Part I), leave line 10 blank.) Add lines 9 and 10 . . . . . . . . . . . . . . . 11 12 Reduction in foreign taxes (see instructions) 13 Taxes reclassified under high tax kickout (see instructions) 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 17 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 22. However, if you are filing more than one Form 1116, you must complete line 20.) . . . . . . . 17 18 Individuals: Enter the amount from Form 1040, line 10; or Form 1040NR, line 41. Estates and trusts: Enter your taxable income without the deduction for your exemption . . . . . . . . 18 16 19 20 21 22 . . . . . . . . . . . 12 ( . . 13 ) . . 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, line 11a, and Schedule 2 (Form 1040), line 46. If you are a nonresident alien, enter the total of Form 1040NR, lines 42 and 44. Estates and trusts: Enter the amount from Form 1041, Schedule G, line 1a; or the total of Form 990-T, lines 40, 41, and 43. Foreign estates and trusts should enter the amount from Form 1040NR, line 42 . . . . . . 20 Caution: If you are completing line 20 for separate category g (lump-sum distributions), see instructions. Multiply line 20 by line 19 (maximum amount of credit) . . . . . . . . . . . . . . Enter the smaller of line 14 or line 21. If this is the only Form 1116 you are filing, skip lines 23 through 30 and enter this amount on line 31. Otherwise, complete the appropriate line in Part IV (see instructions) . . . . . . . . . . . . . . . . . . . . . . . . . . . ▶ Part IV Summary of Credits From Separate Parts III (see instructions) 23 24 25 26 27 28 29 30 31 32 33 14 Credit for taxes on section 951A income . . . . . . . . 23 Credit for taxes on foreign branch income . . . . . . . . 24 25 Credit for taxes on passive category income . . . . . . . Credit for taxes on general category income . . . . . . . 26 27 Credit for taxes on section 901(j) income . . . . . . . . 28 Credit for taxes on certain income re-sourced by treaty . . . . Credit for taxes on lump-sum distributions . . . . . . . . 29 Add lines 23 through 29 . . . . . . . . . . . . . . . . . . . Enter the smaller of line 20 or line 30 . . . . . . . . . . . . . . . Reduction of credit for international boycott operations. See instructions for line 12 . . . . . . . . . . . . . Subtract line 32 from line 31. This is your foreign tax credit. Enter here and on Schedule 3 (Form 1040), line 48; Form 1040NR, line 46; Form 1041, Schedule G, line 2a; or Form 990-T, line 45a . ▶ 21 22 30 31 32 33 Form 1116 (2018)
2018 Form 1116
More about the Federal Form 1116 Individual Income Tax Tax Credit TY 2018
We last updated the Foreign Tax Credit (Individual, Estate, or Trust) in December 2018, so this is the latest version of Form 1116, fully updated for tax year 2018. 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:
|Form Code||Form Name|
|Form 1040||U.S. Individual Income Tax Return|
|Form 1040-V||Payment Voucher|
|1040 (Schedule B)||Interest and Ordinary Dividends|
|1040 (Schedule A)||Itemized Deductions|
|Form 4868||Application for Automatic Extension of Time To File U.S. Individual Income Tax Return|
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 December 2018.
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 eight 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:
While we do our best to keep our list of Federal Income Tax Forms up to date and complete, we cannot be held liable for errors or omissions. Is the form on this page out-of-date or not working? Please let us know and we will fix it ASAP.