1116 Form PDF Details

Form 1116 is a form used by the Internal Revenue Service (IRS) to calculate the amount of tax that a United States citizen or resident owes on income from foreign sources. The form must be filed by taxpayers who have income from, or hold interests in, certain foreign entities. The IRS provides detailed instructions for completing and filing Form 1116. It is important to accurately complete and file this form, as doing so may result in reduced taxes owed on foreign income. Taxpayers who have questions about Form 1116 or need assistance completing the form should contact the IRS.

Question	Answer
Form Name	1116 Form
Form Length	2 pages
Fillable?	No
Fillable fields	0
Avg. time to fill out	30 sec
Other names	40a, irs form 1116 fillable, sample of a 1116 form filled out, nonresident

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Form 1116	Foreign Tax Credit		OMB No. 1545-0121
Form 1116	(Individual, Estate, or Trust)		2010
			2010

Department of the Treasury	▶ Attach to Form 1040, 1040NR, 1041, or 990-T.		Attachment
Internal Revenue Service (99)	▶ See separate instructions.		Sequence No. 19
Name		Identifying number as shown on page 1 of your tax return

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	Passive category income	c	Section 901(j) income	e Lump-sum distributions
b	General category income	d Certain income re-sourced by treaty

fResident 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				Total
						(Add cols. A, B, and C.)
g	Enter the name of the foreign country or U.S.	A		B	C	(Add cols. A, B, and C.)
g	Enter the name of the foreign country or U.S.	A		B	C
	possession . . . . . . . . . . . ▶
1a	Gross income from sources within country shown
	above and of the type checked above (see
	instructions):

						1a

bCheck 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):

2Expenses definitely related to the income on line

1a (attach statement) . . . . . . . . .

3Pro rata share of other deductions not definitely related:

aCertain itemized deductions or standard deduction

	(see instructions)
b	Other deductions (attach statement)
c	Add lines 3a and 3b
d	Gross foreign source income (see instructions) .
e	Gross income from all sources (see instructions) .
f	Divide line 3d by line 3e (see instructions) . . .
g	Multiply line 3c by line 3f
4	Pro rata share of interest expense (see instructions):

aHome mortgage interest (use worksheet on page

14 of the instructions)

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 14, page 2

▶

Part II

Foreign Taxes Paid or Accrued (see instructions)

Credit is claimed

Foreign taxes paid or accrued

Country

for taxes

(you must check one)

Paid

(h)

In foreign currency

In U.S. dollars

(i)

Accrued

Taxes withheld at source on:

(n) Other

Taxes withheld at source on:

(r) Other

(s) Total foreign

foreign taxes

taxes paid or

(j) Date paid

(l) Rents

(p) Rents

(k) Dividends

(m) Interest

paid or

(o) Dividends

(q) Interest

paid or

accrued (add cols.

or accrued

and royalties

accrued

(o) through (r))

Add lines A through C, column (s). Enter the total here and on line 9, page 2

▶

For Paperwork Reduction Act Notice, see instructions.

Cat. No. 11440U

Form 1116 (2010)

Form 1116 (2010)		Page 2

Part III	Figuring the Credit

9Enter 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	Add lines 9 and 10	11
12	Reduction in foreign taxes (see instructions)	12

13Subtract line 12 from line 11. This is the total amount of foreign taxes available for credit (see


	instructions)			. . . . . . . . .			13
14	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)			14
15	Adjustments to line 14 (see instructions)			15
16	Combine the amounts on lines 14 and 15. 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 17 through 21. However, if you are filing more than
	one Form 1116, you must complete line 19.)			16
17	Individuals: Enter the amount from Form 1040, line 41, or Form
	1040NR, line 39. Estates and trusts: Enter your taxable income
	without the deduction for your exemption			17
	Caution: If you figured your tax using the lower rates on qualified dividends or capital gains, see
	instructions.
18	Divide line 16 by line 17. If line 16 is more than line 17, enter “1” . .			. . . . . . . . .			18
19	Individuals: Enter the amount from Form 1040, line 44. If you are a nonresident alien, enter the
	amount from Form 1040NR, line 42. Estates and trusts: Enter the amount from Form 1041,
	Schedule G, line 1a, or the total of Form 990-T, lines 36 and 37 . .			. . . . . . . . .			19
	Caution: If you are completing line 19 for separate category E (lump-sum distributions), see
	instructions.
20	Multiply line 19 by line 18 (maximum amount of credit)			. . . . . . . . .			20
21	Enter the smaller of line 13 or line 20. If this is the only Form 1116 you are filing, skip lines 22
	through		26 and enter this amount on line 27. Otherwise, complete the appropriate line in Part IV
	(see instructions)			. . . . . . .	.	. ▶	21
Part IV		Summary of Credits From Separate Parts III (see instructions)
22	Credit for taxes on passive category income			22
23	Credit for taxes on general category income			23
24	Credit for taxes on certain income re-sourced by treaty . . . .			24
25	Credit for taxes on lump-sum distributions			25
26	Add lines 22 through 25			. . . . . . . . .			26
27	Enter the smaller of line 19 or line 26			. . . . . . . . .			27
28	Reduction of credit for international boycott operations. See instructions for line 12						28
29	Subtract line 28 from line 27. This is your foreign tax credit. Enter here and on Form 1040, line 47;
	Form 1040NR, line 45; Form 1041, Schedule G, line 2a; or Form 990-T, line 40a . . . .				.	. ▶	29

Form 1116 (2010)

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When it comes to fields of this specific form, here's what you should know:

1. Fill out the 11440U with a selection of necessary blank fields. Get all the necessary information and ensure nothing is omitted!

2. When this part is done, go to type in the relevant information in these - Pro rata share of other deductions, Certain itemized deductions or, a b Other deductions attach, a b Other interest expense , Home mortgage interest use, Losses from foreign sources Add, Part II Foreign Taxes Paid or, Credit is claimed, for taxes, you must check one, Paid, Accrued, In foreign currency, Taxes withheld at source on, and Foreign taxes paid or accrued.

3. The following section is focused on Part III Figuring the Credit, Enter the amount from line These, Carryback or carryover attach, Add lines and , Reduction in foreign taxes see, Subtract line from line This is, Enter the amount from line This, Combine the amounts on lines and , Individuals Enter the amount from, and Caution If you figured your tax - fill out all of these blank fields.

As for Individuals Enter the amount from and Reduction in foreign taxes see, be certain you get them right in this section. The two of these could be the most significant ones in this page.

4. This next section requires some additional information. Ensure you complete all the necessary fields - Caution If you are completing line, Multiply line by line maximum, Enter the smaller of line or line, Part IV Summary of Credits From, Add lines through Enter the, Subtract line from line This is, and Form - to proceed further in your process!

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1116 Form – Fill Out and Use This PDF

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