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- Re: How do I take the better benefit for F 1116 FTC vs F 2555? Income is excluded on F2555 but I have foreign tax paid that I want to offset against the current year tax.
How do I take the better benefit for F 1116 FTC vs F 2555? Income is excluded on F2555 but I have foreign tax paid that I want to offset against the current year tax.
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staceynakahara
Level 1
09-29-2021
01:30 PM
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Is there a code to take the maximize benefit? I have enough FTC to offset CY tax (it is capital gain income)
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1 Comment 1
sjrcpa
Level 15
09-29-2021
01:37 PM
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You have to calculate it both ways. No option for the software to optimize.
The more I know, the more I don't know.
