atif1040
Level 3
10-27-2020
10:07 AM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Anyone can advise how i can enter an amount on line 16 of form 1116 for 2018 tax year. There is an adjustment coming from 2017 return and i am amending 2018 tax return and struggling to show an amount on line 16. TIA
Solved! Go to Solution.
Labels
itonewbie
Level 15
10-27-2020
04:31 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Just because there's an adjustment on the 2017 return doesn't necessarily mean that there should be one for 2018. What exactly is the adjustment you're trying to make?
---------------------------------------------------------------------------------
Still an AllStar
Still an AllStar
atif1040
Level 3
10-27-2020
04:48 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
It is basically an adjustment for the recapture of domestic losses from last year.
itonewbie
Level 15
10-27-2020
06:57 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Under Credits > Foreign Tax Credit (1116) > Foreign Tax Credit (1116), on the line for Adjustments to foreign source taxable income.
---------------------------------------------------------------------------------
Still an AllStar
Still an AllStar
