Message Font: Serif | Sans-Serif
 
No. of Recommendations: 3
I have been deducting foreign taxes on Schedule A for years. Now I want to take it as a credit using Form 1116. Is there any problem with making this change for 2017?

No. You don't provide any other information, but I wonder why you've been taking the Schedule A route in the past. Other than simplicity, it's usually better to take a credit than a deduction. Also, depending on the type of income that generated the foreign tax and the amount of foreign tax, you may be able to take the credit directly without having to complete Form 1116.

Ira
Print the post  

Announcements

Disclaimer:
In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.