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Foreign Income Tax Refund

From: snipped-for-privacy@weizmann.ac.il (Larry Israel) Path: weizmann.ac.il!VSLARRY Newsgroups: misc.taxes.moderated Subject: Foreign Income Tax Refund Message-ID: Date: Mon, 14 Feb 11 16:19:02 +02 Organization: Weizmann Institute of Science If a person who filled out a Form 1116 for a tax credit then gets a refund which he had not expected. What is the procedure to follow if:

1) It does not affect the tax that had been calculated. Is it then used to decrease the carry forward of the foreign tax? 2) It does affect the calculated tax. Does one then file an amended return? Or consider it as income (foreign? domestic?) in the following year?
Reply to
Larry Israel
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How you handle a refund of foreign taxes paid is explained starting on Page 4 of IRS Pub 514 under the heading "Foreign Tax Redetermination."

Reply to
Alan

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