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Line 18 of Federal Form 1116 Foreign Tax Credit instructs that if you figured your tax using the lower rates on qualified dividends or capital gains to see the instructions.  This is because instead of entering the amount from Form 1040, line 11b you would need to make adjustments to that amount as explained in the IRS Instructions for Form 1116 Foreign Tax Credit, page 21.

This calculation is automatically done for you in the TaxAct program.  To view the worksheet in your TaxAct return:

  1. From within your TaxAct® Online return, click Print Center in the left column.
  2. Click Custom.
  3. Scroll down in the bottom section (the bottom section lists documents received or worksheets) and click on the checkbox(es) to the left of the item(s) Federal Form 1116 Line 18 - Capital Gain Adjustment.
  4. Click Print and then click the PDF link. Click the printer icon or the save icon (available when you hover your mouse over the bottom of the PDF form) to print or save the PDF copy.

Note: If you see a message indicating you have not paid your return fees, click the View/Pay link, which will direct you through the Paper Filing steps. Continue through the screens until you have processed the payment for your product fees and then repeat the steps to print.

  1. Start your TaxAct Desktop program
  2. Click on Forms
  3. Expand the Federal folder, then expand the Worksheets folder
  4. Scroll down and double-click Form 1116 Line 18 - Capital Gain Adjustment - Line 18 to open the worksheet on your screen
  5. Click the printer icon in the toolbar 
  6. In the Print window that appears you are able to choose if you wish to send the output to a printer or a PDF document.

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