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1086 Tax Form

1086 Tax Form

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Video instructions and help with filling out and completing 1086 Tax Form

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Instructions and help about 1086 irs

for this video tutorial I want to go over the IRS form 1116 for the foreign tax credit so the foreign tax credit form is filed when a taxpayer has foreign Source income and foreign taxes that were paid on those earnings that they might want to claim a tax credit for on their individual or trust income tax return so in our sample here we've got John Q taxpayers filing a 1040 and it is part of a full tax return so we'll go through the 1040 itself and then the 1116 as well and in addition to this I do have a simple Excel workbook here that summarizes some of the payment information so in our example our taxpayer receive compensation while living abroad working for a Belize company and so we've got the Belize dollar amounts the amounts translating to US Dollars and we'll we'll show how all this gets reflected on the 1116 and then lastly I do have one slide here covering some background on the 1116 form and then the fact pattern that we're goi

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