Foreign Taxes Paid

[Dave T]

T/P has several 1099-DIV's with Foreigh Taxes paid totaling $ 966.00.

Line 47 only shows $ 236 and when I try and figure where the number is coming from I can't find it.

There is a 1116 and a 1116 AMT but don't see the number on either.

I've noticed other times with Foreign tax from a 1099 that the amount flows directly to line 47 withour a 1116 at all.

Any thoughts?

Thanks

- Dave T

[Maribeth]

If the FTC is greater than $300 single or $600 married, then you have to fill out the 1116. That form will allocate the FTC based on the foreign income to total income. If the taxpayer cannot use it all this year, it is carried forward.