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If foreign tax is under $300, is it OK to enter amount paid directly into Form 1040, or is it mandatory to calculate the credit in Form 1116 even if not attached.

Greta
Level 8
 
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IRonMaN
Level 15

If the form isn't required you can enter the amounts directly into the 1040.


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IRonMaN
Level 15

If the form isn't required you can enter the amounts directly into the 1040.


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itonewbie
Level 15

As the IRMN says, there are conditions you must satisfy to claim FTC without filing F.1116:

  • ALL of the taxpayer's foreign source gross income was passive income.

  • All the income and any foreign taxes paid on it were reported on a qualified payee statement (e.g. 1099-DIV, 1099-INT, K-1).

  • Total creditable foreign taxes aren't more than $300 ($600 MFJ).

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