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This version of the form is not currently in use and is provided for reference only. Download this version of
IRS Form 1116
for the current year.
IRS Form 1116 Foreign Tax Credit
What Is IRS Form 1116?
This is a tax form that was released by the Internal Revenue Service (IRS) - a subdivision of the U.S. Department of the Treasury. Check the official IRS-issued instructions before completing and submitting the form.
FAQ
Q: What is IRS Form 1116?
A: IRS Form 1116 is used to claim the foreign tax credit.
Q: Who needs to file IRS Form 1116?
A: You need to file IRS Form 1116 if you have paid foreign taxes and want to claim a credit for them.
Q: What is the purpose of IRS Form 1116?
A: The purpose of IRS Form 1116 is to calculate and claim a credit for taxes paid to a foreign country or U.S. possession.
Q: What information do I need to complete IRS Form 1116?
A: You will need to gather information about the foreign taxes paid, your taxable income, and any other relevant financial information.
Q: When is the deadline to file IRS Form 1116?
A: The deadline to file IRS Form 1116 is the same as the deadline for your individual income tax return, usually April 15th.
Q: Can I e-file IRS Form 1116?
A: Yes, you can e-file IRS Form 1116 if you are using tax software that supports the form.
Q: Is there a limit to the foreign tax credit?
A: Yes, there is a limit to the foreign tax credit. The credit cannot exceed the amount of U.S. tax owed on the foreign-source income.
Q: Can I carry over unused foreign tax credits?
A: Yes, you can carry over unused foreign tax credits for future years, subject to certain limitations.
Q: Are there any exceptions or special rules for IRS Form 1116?
A: Yes, there are special rules and exceptions that may apply to certain situations, such as dual-status taxpayers or individuals with foreign earned income.
Form Details:
- A 2-page form available for download in PDF;
- This form cannot be used to file taxes for the current year. Choose a more recent version to file for the current tax year;
- Editable, printable, and free;
- Fill out the form in our online filing application.
Download a fillable version of IRS Form 1116 through the link below or browse more documents in our library of IRS Forms.
Download IRS Form 1116 Foreign Tax Credit
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