Federal Tax Form 1116 - Foreign Income Tax Credit

Tax Form 1116 is used to claim the foreign tax credit. You can claim the credit without filing Form 1116 if you meet all of the following information:

• All of your foreign source gross income was from the 'passive income' category (which includes most interest and dividends). However, for this purpose, passive income also includes:
  • income subject to the special rule for high-taxed income
  • income that would be passive except that it is also described in another category
  • certain export financing interest
• All the income and any foreign taxes paid on it were reported to you on a qualified payee statement. Qualified payee statements include Form 1099-DIV, Form 1099-INT, Schedule K-1 (Form 1041), Schedule K-1 (Form 1065), Schedule K-1 (Form 1065-B), Schedule K-1 (Form 1120S), or similar substitute statements.
• Your total creditable foreign taxes are not more than $300 ($600 if married filing a joint return)

If you elect to make this claim without Form 1116:

• You cannot carry over to any other year any foreign taxes paid or accrued in a tax year to which the election applies (but carryovers to and from other years are unaffected)
• You are still required to take into account the general rules for determining whether a tax is creditable
• You are still required to reduce the taxes available for credit by any amount you would have entered on line 12 of Form 1116

You must file Form 1116 if the above does not apply and:

• You are an individual, estate, or trust, and
• You paid or accrued certain foreign taxes to a foreign country or U.S. possession

Form name	Instructions	Form
2007 Federal Tax Form 1116 - Foreign Income Tax Credit
2006 Federal Tax Form 1116 - Foreign Income Tax Credit	-
2005 Federal Tax Form 1116 - Foreign Income Tax Credit	-