This is the best video to explain 116. Thank you! I have been struggling for 6 hours because last year I used an accountant and this year I'm trying to do it on my own. I am using paper returns because my accounts are complicated so I cannot find software that would suit without using an expensive accountancy firm. I tried to follow last year's accountant's forms. But he made mistakes and it just wasn't working to use 1116. I was not entering the correct figure on line 3e. You finally explained it. It's simple: line 9 of the 1040! Once I had that piece of information, everything else fell into place. Thank you a million times! Why are IRS tax forms so complicated?? The British ones are so much easier! I am a dual citizen: USA, UK but USA by birth. Take care and good luck in what ever you do. It was very kind of you to post this.
Jason, wow! You have a knack for taking opaque tax forms and making the process clear. I am a US expat living and working in Switzerland. For many years I've used a Swiss tax advisor to prepare my Swiss tax return and a US-based tax preparer to prepare my federal tax return. I prepared my Swiss tax return for the first time this year (tax year 2023). I want to do the same for my 2024 Form 1040. I am stuck at Form 1116 and Form 2555. In prior tax years I have had six Form 1116: passive, general category, income re-sourced by treaty (and the three AMT cousins). I will look through your channel and watch everything. I mention my tax situation just to bring it to your attention. I've read that sometimes a taxpayer can file both Form 2555 and Form 1116. How can a taxpayer optimize? I am great at math and finance. I just suck at understanding IRS tax forms. I hate signing a return when I don't understand what I am signing. *I think there is a special place in Heaven for accountants who help US taxpayers prepare their tax returns.*
Hi, thank you for your video. I am a bit confused as I do not see any adjustment in this example. Should you have not used adjustment in category RIC for qualified Dividends?
Hello , Im a US expat and paid taxes in itsly on my US source passive (interest) income. Can i still use 1116 to claim a credit on US taxes? Tnx for any clues.
What if all the income is from a foreign person who became an U.S resident? All the tax already paid to Australia bank, then he became U.S resident. Does he have to pay all the tax again?
This is the best video to explain 116. Thank you! I have been struggling for 6 hours because last year I used an accountant and this year I'm trying to do it on my own. I am using paper returns because my accounts are complicated so I cannot find software that would suit without using an expensive accountancy firm. I tried to follow last year's accountant's forms. But he made mistakes and it just wasn't working to use 1116. I was not entering the correct figure on line 3e. You finally explained it. It's simple: line 9 of the 1040! Once I had that piece of information, everything else fell into place. Thank you a million times! Why are IRS tax forms so complicated?? The British ones are so much easier! I am a dual citizen: USA, UK but USA by birth. Take care and good luck in what ever you do. It was very kind of you to post this.
Jason, wow! You have a knack for taking opaque tax forms and making the process clear. I am a US expat living and working in Switzerland. For many years I've used a Swiss tax advisor to prepare my Swiss tax return and a US-based tax preparer to prepare my federal tax return. I prepared my Swiss tax return for the first time this year (tax year 2023). I want to do the same for my 2024 Form 1040. I am stuck at Form 1116 and Form 2555. In prior tax years I have had six Form 1116: passive, general category, income re-sourced by treaty (and the three AMT cousins). I will look through your channel and watch everything. I mention my tax situation just to bring it to your attention. I've read that sometimes a taxpayer can file both Form 2555 and Form 1116. How can a taxpayer optimize? I am great at math and finance. I just suck at understanding IRS tax forms. I hate signing a return when I don't understand what I am signing. *I think there is a special place in Heaven for accountants who help US taxpayers prepare their tax returns.*
Exactly what I needed and clearly explained. Thank you!
great job - really helpful
Hi Jason, if a person worked for foreign companies, exercise so called deferred employee stocks options. Do we repot it on sheduale D?
Hi, thank you for your video. I am a bit confused as I do not see any adjustment in this example. Should you have not used adjustment in category RIC for qualified Dividends?
also please do a video on on FORM 1118
Hello , Im a US expat and paid taxes in itsly on my US source passive (interest) income. Can i still use 1116 to claim a credit on US taxes? Tnx for any clues.
How to file if one spouse has income earned from foreign country, but wife work from U.S home? Still use 1116 to add both income together?
What if all the income is from a foreign person who became an U.S resident? All the tax already paid to Australia bank, then he became U.S resident. Does he have to pay all the tax again?