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On a Vanguard foreign tax paid sheet there is: Foreign income of 288.12 and QDI eligible foreign income of 214.89. Do these numbers go anywhere or do I ignore them?

carol2727
Level 1
 
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itonewbie
Level 15

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

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6 Replies 6
itonewbie
Level 15

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

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Marc-TaxMan
Level 8

[Content Removed]

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Terry53029
Level 11
Level 11
I think Marc is saying that tongue in cheek. 🙂
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Marc-TaxMan
Level 8
[Content Removed]
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itonewbie
Level 15
:joy::joy:
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Still an AllStar
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sjrcpa
Level 15
:tongue::tongue:

ex-AllStar
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