DF2 wrote:
- quote -

Sorry, thought you said 4 countries not 5. It doesn't
matter what you do. Just divide up the columns so that you
get 5 countries and a total.

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ed wrote:

- quote -

Actually the result is not the same. Really.

I like your method, because it gives favorable results, and
it is simpler.

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A.G. Kalman wrote:
- quote -

I am not sure which way you are suggesting. Are you saying
to put country A and B into the first two columns, and put
the totals of the remainder (actually three more countries)
into column C, and perhaps identify the remainder counties
as "Various"?

Or are you saying to take a ruler and divide column B and C
into smaller columns to support the total of 5 separate
countries with their own columns using small writing?

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Just call it one country,, use "various" on one 1116 for
the total. The end result is the same.

ed

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DF2 wrote:

- quote -

You only complete one 1116 for one type of income. As you
only have 4 countries, just divide Column C into C & D and
make the Total Column equal A,B,C & D.

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Foreign Tax Credit, Form 1116 and Pub 514 are confusing me
again.

Suppose a single taxpayer gets $340 in foreign tax withheld
on dividends on a single 1099-DIV. While the 1099 does not
break this down, it turns out that $300 was withheld by
Canada, and $10 was withheld by each of 4 more countries.

Just entering $300, ignoring the extra $40, on line 47 of
1040 would be nice. That does not seem to be allowed.

So two form 1116 are filled out for passive. Copy 1 has
countries/columns A, B and C filled out. A number is
computed on line 21 (end of part III) of copy 1 that would
make it onto line 47 of form 1040 if that were the end of
it.

But with the second copy of form 1116, countries/columns A,
and B are also filled out. This produces another number on
line 21 of copy 2.

Logically the two line 21s would be added together in part
IV of copy 1. However line 22 is for passive income. Lines
23...29 are for other types of income. So would you put the
passive income tax credits from copy 2 on line 23 and
re-label the line? Would you just put the sum of the two
line 21s onto line 22?

Also, are there any allowed simplifications? I seem to
remember putting Various as a country in the past, yet pub
514 does not mention that. I could imagine a worldwide
mutual fund having bits of tax withheld from 10 countries.
That would be really tedious. I know that pub 514 is not
complete. The examples given there are all for one country.

Thanks.

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