Question

Form 1116 - Foreign Tax Credit Worksheet

Accepted Answer

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 U.S. Individual Income Tax Return, Line 10a, you would need to make adjustments to that amount as explained in the IRS Instructions for Form 1116 on page 21.

This calculation is automatically done for you in the TaxAct program.

To view the worksheet in your TaxAct return:

Online Navigation Instructions

From within your TaxAct Online return, click Print Center down the left column, then click Custom Print.
Check Federal Form 1116 Line 18 - Capital Gain Adjustment.
Click Print, then click the PDF link. Click the printer icon or the save icon (available when you hover your mouse over 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 your return fees 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.

Desktop Navigation Instructions

Start your TaxAct Desktop program, then click Forms.
Click to expand the Federal folder, then click to expand the Worksheets folder.
Double-click Form 1116 Line 18 - Capital Gain Adjustment - Line 18 to open the worksheet on your screen.
Click the printer icon in the toolbar. In the Print window, you can send the output to a printer or a PDF document.

Note that any link in the information above is updated each year automatically and will take you to the most recent version of the document at the time it is accessed.