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Electing not to file Form 1116 with an Individual return in Lacerte

by Intuit Updated 1 year ago

To elect not to file Form 1116:

  1. Go to Screen 35, Foreign Tax Credit (1116).
  2. Click on General Info/Elections from the top left navigation panel.
  3. Enter a 1 or 2 in, Elect not to file Form 1116: 1=do not print election statement, 2=print election statement.
    • If you would like to attach the election statement to the return enter a 2. To claim the election without printing the statement enter a 1.

To qualify for this election, the taxpayer must meet all of the following conditions:

  • All foreign source gross income is from the passive income category, which includes most interest and dividends. See IRS Form 1116 instructions for exceptions to this rule.
  • All the income and foreign taxes paid on it was reported on a qualified payee statement (e.g., Form 1099-INT, Form 1099-DIV, or similar substitute statement).
  • Total creditable foreign taxes are not more than $300 ($600 if MFJ). If taxes are $300 or more ($600 or more if MFJ) the form will generate automatically even if the election is made.
  • This election is not available for estates or trusts.
Lacerte Tax

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