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The form requires attaching supporting statements for deductions related to foreign income, reporting taxable income or loss from sources outside the United States, and listing foreign taxes paid or accrued by country and type. It provides instructions for calculating amounts in U.S. dollars and determining the total foreign taxes available for credit and related reductions.",{"@graph":63,"@context":118},[64,80,101],{"@type":65,"itemListElement":66},"BreadcrumbList",[67,71,74,77],{"item":68,"name":69,"@type":70,"position":9},"https://docshare.wps.com","Home","ListItem",{"item":72,"name":10,"@type":70,"position":73},"https://docshare.wps.com/template/",2,{"item":75,"name":36,"@type":70,"position":76},"https://docshare.wps.com/template/forms/",3,{"item":78,"name":59,"@type":70,"position":79},"https://docshare.wps.com/template/foreign-tax-credit-form-1116-2024/303151/",4,{"url":78,"name":59,"@type":81,"image":82,"author":87,"headline":59,"publisher":90,"fileFormat":93,"inLanguage":57,"description":61,"dateModified":94,"datePublished":95,"encodingFormat":93,"isAccessibleForFree":96,"interactionStatistic":97},"DigitalDocument",{"url":83,"@type":84,"width":85,"height":86},"https://docshare.wps.com/thumbnails/foreign-tax-credit-form-1116-2024/303151.png","ImageObject",442,249,{"name":88,"@type":89},"Quinn Holloway","Person",{"url":68,"name":91,"@type":92},"DocShare","Organization","application/pdf","2026-10-03","2026-09-19",true,{"@type":98,"interactionType":99,"userInteractionCount":47},"InteractionCounter",{"@type":100},"ViewAction",{"@type":102,"mainEntity":103},"FAQPage",[104,110,114],{"name":105,"@type":106,"acceptedAnswer":107},"What is Form 1116 (2024) used for?","Question",{"text":108,"@type":109},"Form 1116 is used to compute the Foreign Tax Credit for individuals, estates, or trusts, based on foreign taxes paid or accrued and taxable income or loss from sources outside the United States.","Answer",{"name":111,"@type":106,"acceptedAnswer":112},"How should income categories be reported on Form 1116?",{"text":113,"@type":109},"Use a separate Form 1116 for each category of income listed, and check only one box on each Form 1116 to indicate the selected income category.",{"name":115,"@type":106,"acceptedAnswer":116},"How are foreign taxes organized on the form?",{"text":117,"@type":109},"Foreign taxes paid or accrued are reported by country and tax type, including taxes withheld at source and other foreign taxes, with amounts converted to U.S. dollars as required.","https://schema.org",{"og:url":78,"og:type":120,"og:title":59,"og:site_name":91,"og:description":61},"article",{"robots":122,"canonical":78},"index,follow",{"doc_id":124,"site_id":56},303151,1790035684,{"code":4,"msg":5,"data":127},{"doc_id":124,"user_id":128,"nickname":88,"user_avatar":129,"doc_module":9,"category_id":35,"category_name":36,"doc_title":59,"doc_description":61,"doc_content":130,"file_id":131,"file_url":132,"file_type":133,"file_size":134,"view_count":47,"is_deleted":4,"is_public":9,"is_downloadable":9,"audit_status":9,"page_count":135,"language":136,"language_code":57,"site_id":56,"html_lang":57,"table_of_contents":137,"faqs":138,"seo_title":139,"seo_description":61,"update_tm":140,"read_time":76},2336474466712,"https://ap-avatar.wpscdn.com/davatar_a8503ba1806abce46bf441b54a3ca4cd","Department of the Treasury Internal Revenue Service Name  \nForeign Tax Credit  \n(Individual, Estate, or Trust)  \nAttach to Form 1040, 1040-SR, 1040-NR, 1041, or 990-T.  \n[Go to](Go to www.irs.gov/Form1116 for)[ www.irs.gov/Form1116](Go to www.irs.gov/Form1116 for)[ for](Go to www.irs.gov/Form1116 for) instructions and the latest information.  \nOMB No. 1545-0121  \n2024  \nASacqumnceentNo. 19  \nForm 1116  \nIdentifying number as shown on page 1 of your tax return  \nUse a separate Form 1116 for each category of income listed below. See Categories of Income in the instructions. Check only one box on  \neach Form 1116. Report all amounts in U.S. dollars except where specified in Part II below.  \na  Section 951A category income b  Foreign branch category income  \nc  Passive category income d  General category income  \ne  Section 901(j) income g  Lump-sum distributions  \nf  Certain income re-sourced by treaty  \nh Resident of (name of country)  \nNote: If you paid taxes to only one foreign country or U.S. territory, use column A in Part I and line A in Part II. If you paid taxes to more than one foreign country or U.S. territory, use a separate column and line for each country or territory.  \n Part I  Taxable Income or Loss From Sources Outside the United States (for category checked above)  \n\n| i Enter the name of the foreign country or U.S.\u003Cbr>territory . . . . . . . . . . . . .\u003Cbr>1a Gross income from sources within country shown above and of the type checked above (see instructions): \u003Cbr>\u003Cbr>\u003Cbr>b Check if line 1a is compensation for personal services as an employee, your total compensation from all sources is $250,000 or more, and you used an alternative basis to determine its source. See instructions . . . . . . . . . .  | Foreign Country or U.S. Territory |  |  | Total\u003Cbr>(Add cols. A, B, and C.) |  |\n| --- | --- | --- | --- | --- | --- |\n|  | A | B | C |  |  |\n|  |  |  |  |  |  |\n|  |  |  |  |  |  |\n|  |  |  |  | 1a |  |\n|  |  |  |  |  |  |\n| Deductions and losses (Caution: See instructions.):\u003Cbr>2 Expenses definitely related to the income on line 1a (attach statement) . . . . . . . . .\u003Cbr>3 Pro rata share of other deductions not definitely related:\u003Cbr>a Certain itemized deductions or standard deduction (see instructions) . . . . . . . . . . .\u003Cbr>b Other deductions (attach statement) . . . . . c Add lines 3a and 3b . . . . . . . . . . d Gross foreign source income (see instructions) . e Gross income from all sources (see instructions) . f Divide line 3d by line 3e (see instructions) . . . g Multiply line 3c by line 3f . . . . . . . .\u003Cbr>4 Pro rata share of interest expense (see instructions): a Home mortgage interest (use the Worksheet for Home Mortgage Interest in the instructions) . .\u003Cbr>b Other interest expense . . . . . . . . .\u003Cbr>5 Losses from foreign sources . . . . . . .\u003Cbr>6 Add lines 2, 3g, 4a, 4b, and 5 . . . . . . . | | | |  |  |\n|  | | | |  |  |\n|  |  |  |  |  |  |\n|  |  |  |  |  |  |\n|  |  |  |  |  |  |\n|  |  |  |  |  |  |\n|  |  |  |  |  |  |\n|  |  |  |  |  |  |\n|  | | | |  |  |\n|  |  |  |  |  |  |\n|  |  |  |  |  |  |\n|  |  |  |  | 6 |  |\n| 7 Subtract line 6 from line 1a. Enter the result here and on line 15, page 2 . . . . . . . . . . . |  |  |  | 7 |  |\n\nPart II  \n\n|  |  Paid\u003Cbr>(k)  Accrued | Foreign taxes paid or accrued |  |  |  |  |  |  |  |  |  |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |\n|  |  | In foreign currency |  |  |  | In U.S. dollars |  |  |  |  |  |\n|  |  | Taxes withheld at source on: |  |  | (p) Other\u003Cbr>foreign taxes\u003Cbr>paid or\u003Cbr>accrued | Taxes withheld at source on: |  |  | (t) Other\u003Cbr>foreign taxes\u003Cbr>paid or\u003Cbr>accrued |  | (u) Total foreign\u003Cbr>taxes paid or\u003Cbr>accrued (add cols.\u003Cbr>(q) through (t)) |\n|  | (l) Date paid\u003Cbr>or accrued | (m) Dividends | (n) Rents\u003Cbr>and royalties | (o) Interest |  | (q) Dividends | (r) Rents\u003Cbr>and royalties | (s) Interest |  |  |  |\n| A |  |  |  |  |  |  |  |  |  |  |  |\n| B |  |  |  |  |  |  |  |  |  |  |  |\n| C |  |  |  |  |  |","cbCaiaeeM7hCq0Oi","https://ap.wps.com/l/cbCaiaeeM7hCq0Oi","pdf",164286,7,"English","# Foreign Tax Credit (Individual, Estate, or Trust)\n## Part I: Taxable Income or Loss From Sources Outside the United States\n## Part II: Foreign Taxes Paid or Accrued\n## Part III: Figuring the Credit","[{\"question\":\"What is Form 1116 (2024) used for?\",\"answer\":\"Form 1116 is used to compute the Foreign Tax Credit for individuals, estates, or trusts, based on foreign taxes paid or accrued and taxable income or loss from sources outside the United States.\"},{\"question\":\"How should income categories be reported on Form 1116?\",\"answer\":\"Use a separate Form 1116 for each category of income listed, and check only one box on each Form 1116 to indicate the selected income category.\"},{\"question\":\"How are foreign taxes organized on the form?\",\"answer\":\"Foreign taxes paid or accrued are reported by country and tax type, including taxes withheld at source and other foreign taxes, with amounts converted to U.S. dollars as required.\"}]","Foreign Tax Credit - Form 1116 - 2024 | PDF",1789800110]