How to File IRS Form 1116 for a Foreign Tax Credit on Compensation

For other videos on the Foreign Tax Credit and Form 1116:

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Form 1116 with Foreign Compensation:    • How to File IRS Form 1116 for a Forei...  

Form 1116 is filed by U.S. taxpayers to report foreign source income and claim a foreign tax credit against their U.S. tax liability.

In this example, a U.S. taxpayer works in a foreign country and pays foreign income taxes. The U.S. taxpayer is also required to report those foreign source earnings on his Form 1040 and pay U.S. taxes on the same income. Form 1116 is filed to report his general category income and claim a foreign tax credit.

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