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April 5, 2024
Question

2023 fed foreign tax credit

  • April 5, 2024
  • 1 reply
  • 0 views
  • If I have $1852 foreign tax reported on 1099 (passive income) can I just  report $600 (married/joint) on schedule 3 and skip form 1116 and any carry back or forward?

    1 reply

    April 5, 2024

    That should be OK since it won't affect your taxable income and the credit is not mandatory.

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