I have $357 in foreign tax credit. Claiming over $300 requires filing a 1116. I know they aren't a big deal, but I am uncomfortable doing them.
Can I just claim $300, even through my 1099div supports $357, and skip the 1116?
It's just not worth it to me to get that last $57; though if I have to, it is worth it for $357.
This question has been asked here before, and the official answer is no, you cannot skip the 1116. There are a variety of limits, AMT calculations, carryovers, etc that may come into play with the Form
1116, and you are not allowed to skip them if over the reporting election amount.Have something to add? Share your thoughts — no account required.
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