Form 1099INT may include bother U.S. and foreign source interest income and related taxes. In this example, a taxpayer receives a Form 1099INT that reports U.S. and foreign source interest income, as well as foreign income taxes withheld at source.

The taxpayer reports the total interest income on Schedule B of Form 1040, but they are also eligible to claim the foreign taxes withheld as a foreign tax credit on Form 1116.

More Videos on Form 1116 Foreign Tax Credits
Foreign Credit for Compensation:    • How to File IRS Form 1116 for a Forei...  
Foreign Credit on Dividends:    • IRS Form 1099DIV with Foreign Taxes ...  
FTC on Form 1116:    • How to File IRS Form 1116 (Foreign Ta...  
Schedule B Carryover:    • How to Fill in Schedule B of Form 111...  
Adjustments for Qualified Dividends:    • How to File Form 1116 with Adjustment...  

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. Selfhelp services may not be permitted in all states or jurisdictions. The use of these materials does not create an attorneyclient or confidential relationship. This video does not include information about every topic or issue related to these informational materials.

#Form1116 #ForeignTaxCredit #InterestIncome