The Motley Fool Discussion Boards
Financial Planning / Tax Strategies
|Subject: Re: Should I file this?||Date: 8/6/2009 10:23 AM|
|Author: irasmilo||Number: 106674 of 122522|
Heck yes. Just attach a copy of your broker's statement which shows the amount of foreign taxes withheld and take the credit.
The foreign tax credit is a nonrefundable credit. The OP stated that he had no tax liability, so claiming the credit without filing the 1116 provides no immediate benefit.
On the other hand, I know that under certain circumstances you can carry forward an unused foreign tax credit if you do file the 1116. Unfortunately, it's been so many years since I had to complete an 1116 that I no longer remember what those circumstances are.
In no event do you attach the broker's statement showing the amount of foreign taxes withheld to your return.
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