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I have < $30 in Foreign Taxes paid. Do I have to claim anything or can I just skip it?

Forum|Forum|7 years ago
June 4, 2019
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Best answer by JohnR1

There is no IRS requirement that you report your foreign taxes paid - U.S. tax law provides for a foreign tax credit on Form 1116, to claim a credit against your federal tax to mitigate double taxation - both U.S. and foreign - on the same foreign income.

It is always to your advantage to claim the credit; however if the amount is small, such as in your case, there are situations where it could be somewhat more of benefit to exclude it.

J

JohnR1Answer

Employee

There is no IRS requirement that you report your foreign taxes paid - U.S. tax law provides for a foreign tax credit on Form 1116, to claim a credit against your federal tax to mitigate double taxation - both U.S. and foreign - on the same foreign income.

It is always to your advantage to claim the credit; however if the amount is small, such as in your case, there are situations where it could be somewhat more of benefit to exclude it.