02-15-2005, 05:50 AM
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 Re: TaxCut, AMT, and Foreign Tax Credit Just a follow-up: The latest update, which I just downloaded, now works properly. Bob B <bobabrown[at]comcast.net> wrote: - quote - > For anyone subject to AMT, elegible for foreign tax credit, > and not required to file Form 1116: beware! The TaxCut > interview says that it will take care of the foreign tax > credit for line 32. But if 1116 isn't required or filed, > then it should brong over the total from line 46 of 1040. > It doesn't. It doesn't give any foreign tax credit unless > 1116 is filled out. > Bottom line: under these circumstances, following Taxcut's > defaults, it appears that you are getting a foreign tax > credit (it still shows on line 46 but the AMT has been > increased by the same amount), but you aren't, even though > you should! > Bob Brown << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#-1
02-07-2005, 05:38 PM
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| TaxCut, AMT, and Foreign Tax Credit For anyone subject to AMT, elegible for foreign tax credit, and not required to file Form 1116: beware! The TaxCut interview says that it will take care of the foreign tax credit for line 32. But if 1116 isn't required or filed, then it should brong over the total from line 46 of 1040. It doesn't. It doesn't give any foreign tax credit unless 1116 is filled out. Bottom line: under these circumstances, following Taxcut's defaults, it appears that you are getting a foreign tax credit (it still shows on line 46 but the AMT has been increased by the same amount), but you aren't, even though you should! Bob Brown << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
| Tags |
| amt, credit, foreign, tax, taxcut |
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