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 Nfp 105 10 2003-2025

State of Illinois Nfp 105 10 20 2003-2025 Form

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Instructions and help about form 105 10

for this video I want to go over the IRS form 1116 which is the foreign tax credit form and this is going to be completed for the 2022 tax year for our taxpayer here John Q taxpayer now John in this scenario has a variety of foreign investments so he has some foreign Source dividend income some foreign Source interest income and he had taxes withheld on those Investments right so he paid some foreign taxes on those earnings and now he's trying to figure out how and uh to what extent can he claim a foreign tax credit against his U.S tax liability so I've got the sample 1116 in front of us here it also includes a schedule B for the carryovers and it is part of a full 1040 so we'll look at some of the other schedules in the 1040 that we need to cover and then I do have a sample 1099 div here this is the 1099 that John received from his U.S broker and we do have have a worksheet here from the form 1116 instructions and so we'll go into this in more detail wh

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