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| Name | How to File Form 1116 with Adjustments for Foreign Qualified Dividend Income |
| Video Uploader | Video From Jason D. Knott |
| Upload Date | This Video Uploaded At 05-08-2023 18:00:06 |
| Video Discription | For other videos on the Foreign Tax Credit and Form 1116: How to file Schedule B of Form 1116: https://youtu.be/RuOQz7KLKII Adjustments for Qualified Dividends: https://youtu.be/Li9gLv_NmMI How to file Form 1116: https://youtu.be/hq6civEk3io Form 1116 and Form 1099-DIV: https://youtu.be/sh_WQizuP6c Form 1116 with Foreign Compensation: https://youtu.be/KKnlbJ_dUBE 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 general, a taxpayer reports their gross foreign source income on Line 1a of Form 1116. However, if a taxpayer has foreign source qualified dividend income and/or foreign source long-term capital gains, they may be required to adjust their foreign gross income amount on Line 1a. In this example, a U.S. taxpayer has a large amount of foreign qualified dividend income, which requires an adjustment on Line 1a of Form 1116. The amount of the adjustment will depend upon the effective U.S. tax rate for the income (0%, 15%, or 20%) on the qualified dividends and long-term capital gains. The taxpayer also adjusts their Line 18 total taxable income amount. The impact of the reduction in foreign gross income will reduce the maximum available credit on Form 1116 (Line 21). For a larger database of tutorials, please visit our website and search for your question: https://knottlearning.com/ DISCLAIMER: The information provided in this video may contain information about tax, financial, and legal topics. Such materials are for informational purposes only and may not reflect the most current developments. These informational materials are not intended and should not be taken as tax, financial, or legal advice. You should contact an advisor to discuss your specific facts and circumstances. Self-help services may not be permitted in all states or jurisdictions. The use of these materials does not create an attorney-client or confidential relationship. This video does not include information about every topic or issue related to these informational materials. #Form1116 #ForeignTaxCredit #FTC #DividendInvesting |
| Category | Education |
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