This article will help you:
- Enter foreign income and taxes paid on dividend
- Enter foreign income and taxes paid on interest
- Enter foreign income and taxes paid from Schedule K-1s
Before you start:
- When creating a Form 1116, each form can have up to three countries, as indicated by columns.
- If you have more then three countries you can create additional copies of the Form 1116.
- Each Form 1116 can only have one category of income. If you have more then one category of income, use additional copies of the Form 1116. The categories are:
- Section 901(j),
- Certain income re-sourced by treaty,
- Lump-sum distributions
- If you have more then one copy of the Form 1116 the return isn't eligible for e-file and must be paper filed.