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Publication 514 (2003), Foreign Tax Credit for Individuals
For use in preparing
2003
Returns
Table of Contents
Publication 514 - Introductory Material
Important Change
Important Reminders
Introduction
Useful Items - You may want to see:
Publication 514 - Main Contents
Choosing To Take Credit or Deduction
Choice Applies to All Qualified Foreign Taxes
Making or Changing Your Choice
Why Choose the Credit?
Credit for Taxes Paid or Accrued
Foreign Currency and Exchange Rates
Foreign Tax Redetermination
Who Can Take the Credit?
U.S. Citizens
Resident Aliens
Nonresident Aliens
What Foreign Taxes Qualify for the Credit?
Tax Must Be Imposed on You
You Must Have Paid or Accrued the Tax
Tax Must Be the Legal and Actual Foreign Tax Liability
Tax Must Be an Income Tax (or Tax in Lieu of Income Tax)
Foreign Taxes for Which You Cannot Take a Credit
Taxes on Excluded Income
Taxes for Which You Can Only Take an Itemized Deduction
Taxes on Foreign Oil Related Income
Taxes on Foreign Mineral Income
Taxes From International Boycott Operations
Taxes on Foreign Oil and Gas Extraction Income
Taxes of U.S. Persons Controlling Foreign Corporations and Partnerships
How To Figure the Credit
Limit on the Credit
Separate Limit Income
Allocation of Foreign Taxes
Foreign Taxes From a Partnership or an S Corporation
Figuring the Limit
Qualified Dividends
Capital Gains and Losses
Allocation of Foreign Losses
Tax Treaties
Carryback and Carryover
Time Limit on Tax Assessment
Claim for Refund
Taxes All Credited or All Deducted
Married Couples
How To Claim the Credit
Form 1116
Records To Keep
Alternative Minimum Tax
Simple Example — Filled-In Form 1116
Part I—Taxable Income or Loss From Sources Outside the United States (for Category Checked Above)
Part II—Foreign Taxes Paid or Accrued
Part III—Figuring the Credit
Part IV—Summary of Credits From Separate Parts III
Comprehensive Example — Filled-In Form 1116
Foreign earned income.
Employee business expenses.
Forms 1116
Computation of Taxable Income
Part I—Figuring Taxable Income or Loss From Sources Outside the United States (for Category Checked Above)
Part II—Foreign Taxes Paid or Accrued
Part III—Figuring the Credit
Part IV—Summary of Credits From Separate Parts III
Unused Foreign Taxes
How To Get Tax Help
Publication 514 - Additional Material
Index
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