My specific question is about form 1116 for claiming foreign tax credits, but it raises a more general issue, namely whether, when an instruction for a tax form says "you don't need to do X", it means you can't do X even if you want to. Under line 17 on form 1116 there is a caution to the filer to consult p.16 of the instructions if they figured their tax using lower rates on capital gains and qualified dividends (which I did). The instructions for line 17 carry over to p.18 where it says that "If you figured your tax using the Schedule D Tax Worksheet ... you must use the Worksheet for Line 17 on page 17 to figure the amount of tax to enter on line 17 of Form 1116 if: ...", where all the ... is stuff that includes me in. But then just below there is "Adjustment Exception. If you qualify for the adjustment exception, you do not need to use the Worksheet to figure the amount to enter on line 17" Well I do qualify for the adjustment exception, but I have done the calculation both ways and I am slightly better off if I use the worksheet. Can I waive my right to the exception and enter the worksheet calculation on line 17? Thanks.
- posted
17 years ago
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