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URL:  http://boards.fool.com/heck-yes-just-attach-a-copy-of-your-brokers-27865039.aspx

Subject:  Re: Should I file this? Date:  8/6/2009  10:23 AM
Author:  irasmilo Number:  106674 of 121169

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.

Ira
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