carol2727
Level 1
12-07-2019
04:51 AM
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Solved! Go to Solution.
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itonewbie
Level 15
12-07-2019
04:51 AM
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Does your client have any foreign tax paid on passive income? If so, is your client eligible for claiming FTC without F.1116? If your answers to both questions are yes, you can ignore it.
If your client does not have any foreign tax paid on passive income and does not have foreign source income in other baskets (e.g. general limitation), you can also ignore that.
Otherwise, you may need to account for it on F.1116, especially if your client has ODL, SLL, and/or OFL.
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Still an AllStar
Still an AllStar
Marc-TaxMan
Level 8
12-07-2019
04:51 AM
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Terry53029
Level 14
12-07-2019
04:51 AM
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I think Marc is saying that tongue in cheek. 🙂
Marc-TaxMan
Level 8
12-07-2019
04:51 AM
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itonewbie
Level 15
12-07-2019
04:51 AM
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:joy:
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Still an AllStar
Still an AllStar
sjrcpa
Level 15
12-07-2019
04:51 AM
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:tongue:
Ex-AllStar
Ex-AllStar