How do I take the better benefit for F 1116 FTC vs F 2555? Income is excluded on F2555 but I have foreign tax paid that I want to offset against the current year tax.

staceynakahara · ‎09-29-2021

Is there a code to take the maximize benefit? I have enough FTC to offset CY tax (it is capital gain income)

sjrcpa · ‎09-29-2021

You have to calculate it both ways. No option for the software to optimize.

Ex-AllStar