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Instructions For 1040x

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Instructions For 1040x

Instructions for 1040x Publication 514 - Main Content Table of Contents Choosing To Take Credit or DeductionChoice Applies to All Qualified Foreign Taxes Making or Changing Your Choice Why Choose the Credit?Credit for Taxes Paid or Accrued Foreign Currency and Exchange Rates Foreign Tax Redetermination Who Can Take the Credit?U. Instructions for 1040x S. Instructions for 1040x Citizens Resident Aliens Nonresident Aliens What Foreign Taxes Qualify for the Credit?Tax Must Be Imposed on You You Must Have Paid or Accrued the Tax Tax Must Be the Legal and Actual Foreign Tax Liability Tax Must Be an Income Tax (or Tax in Lieu of Income Tax) Foreign Taxes for Which You Cannot Take a CreditTaxes on Excluded Income Taxes for Which You Can Only Take an Itemized Deduction Taxes on Foreign Mineral Income Taxes From International Boycott Operations Taxes on Combined Foreign Oil and Gas Income Taxes of U. Instructions for 1040x S. Instructions for 1040x Persons Controlling Foreign Corporations and Partnerships Taxes Related to a Foreign Tax Credit Splitting Event How To Figure the CreditLimit on the Credit Separate Limit Income Allocation of Foreign Taxes Foreign Taxes From a Partnership or an S Corporation Figuring the Limit Qualified Dividends Capital Gains and Losses Allocation of Foreign and U. Instructions for 1040x S. Instructions for 1040x Losses Tax Treaties Carryback and CarryoverTime Limit on Tax Assessment Claim for Refund Taxes All Credited or All Deducted Married Couples How To Claim the CreditForm 1116 Records To Keep Simple Example — Filled-In Form 1116Part I—Taxable Income or Loss From Sources Outside the United States (for Category Checked Above) Part II—Foreign Taxes Paid or Accrued Part III—Figuring the Credit Part IV—Summary of Credits From Separate Parts III Comprehensive Example — Filled-In Form 1116Foreign earned income. Instructions for 1040x Employee business expenses. Instructions for 1040x Forms 1116 Computation of Taxable Income Part I—Taxable Income or Loss From Sources Outside the United States (for Category Checked Above) Part II—Foreign Taxes Paid or Accrued Part III—Figuring the Credit Part IV—Summary of Credits From Separate Parts III Unused Foreign Taxes How To Get Tax HelpLow Income Taxpayer Clinics Choosing To Take Credit or Deduction You can choose whether to take the amount of any qualified foreign taxes paid or accrued during the year as a foreign tax credit or as an itemized deduction. Instructions for 1040x You can change your choice for each year's taxes. Instructions for 1040x To choose the foreign tax credit, in most cases you must complete Form 1116 and attach it to your U. Instructions for 1040x S. Instructions for 1040x tax return. Instructions for 1040x However, you may qualify for the exception that allows you to claim the foreign tax credit without using Form 1116. Instructions for 1040x See How To Figure the Credit , later. Instructions for 1040x To choose to claim the taxes as an itemized deduction, use Schedule A (Form 1040), Itemized Deductions. Instructions for 1040x Figure your tax both ways—claiming the credit and claiming the deduction. Instructions for 1040x Then fill out your return the way that benefits you more. Instructions for 1040x See Why Choose the Credit, later. Instructions for 1040x Choice Applies to All Qualified Foreign Taxes As a general rule, you must choose to take either a credit or a deduction for all qualified foreign taxes. Instructions for 1040x If you choose to take a credit for qualified foreign taxes, you must take the credit for all of them. Instructions for 1040x You cannot deduct any of them. Instructions for 1040x Conversely, if you choose to deduct qualified foreign taxes, you must deduct all of them. Instructions for 1040x You cannot take a credit for any of them. Instructions for 1040x See What Foreign Taxes Qualify for the Credit , later, for the meaning of qualified foreign taxes. Instructions for 1040x There are exceptions to this general rule, which are described next. Instructions for 1040x Exceptions for foreign taxes not allowed as a credit. Instructions for 1040x   Even if you claim a credit for other foreign taxes, you can deduct any foreign tax that is not allowed as a credit if: You paid the tax to a country for which a credit is not allowed because it provides support for acts of international terrorism, or because the United States does not have or does not conduct diplomatic relations with it or recognize its government and that government is not otherwise eligible to purchase defense articles or services under the Arms Export Control Act, You paid withholding tax on dividends from foreign corporations whose stock you did not hold for the required period of time, You paid withholding tax on income or gain (other than dividends) from property you did not hold for the required period of time, You paid withholding tax on income or gain to the extent you had to make related payments on positions in substantially similar or related property, You participated in or cooperated with an international boycott, You paid taxes in connection with the purchase or sale of oil or gas, or You paid or accrued taxes on income or gain in connection with a covered asset acquisition. Instructions for 1040x Covered asset acquisitions include certain acquisitions that result in a stepped-up basis for U. Instructions for 1040x S. Instructions for 1040x tax purposes. Instructions for 1040x For more information, see Internal Revenue Code section 901(m). Instructions for 1040x The IRS intends to issue guidance that will explain this provision in greater detail. Instructions for 1040x   For more information on these items, see Taxes for Which You Can Only Take an Itemized Deduction , later, under Foreign Taxes for Which You Cannot Take a Credit. Instructions for 1040x Foreign taxes that are not income taxes. Instructions for 1040x   In most cases, only foreign income taxes qualify for the foreign tax credit. Instructions for 1040x Other taxes, such as foreign real and personal property taxes, do not qualify. Instructions for 1040x But you may be able to deduct these other taxes even if you claim the foreign tax credit for foreign income taxes. Instructions for 1040x   In most cases, you can deduct these other taxes only if they are expenses incurred in a trade or business or in the production of income. Instructions for 1040x However, you can deduct foreign real property taxes that are not trade or business expenses as an itemized deduction on Schedule A (Form 1040). Instructions for 1040x Carrybacks and carryovers. Instructions for 1040x   There is a limit on the credit you can claim in a tax year. Instructions for 1040x If your qualified foreign taxes exceed the credit limit, you may be able to carry over or carry back the excess to another tax year. Instructions for 1040x If you deduct qualified foreign taxes in a tax year, you cannot use a carryback or carryover in that year. Instructions for 1040x That is because you cannot take both a deduction and a credit for qualified foreign taxes in the same tax year. Instructions for 1040x   For more information on the limit, see How To Figure the Credit , later. Instructions for 1040x For more information on carrybacks and carryovers, see Carryback and Carryover , later. Instructions for 1040x Making or Changing Your Choice You can make or change your choice to claim a deduction or credit at any time during the period within 10 years from the regular due date for filing the return (without regard to any extension of time to file) for the tax year in which the taxes were actually paid or accrued. Instructions for 1040x You make or change your choice on your tax return (or on an amended return) for the year your choice is to be effective. Instructions for 1040x Example. Instructions for 1040x You paid foreign taxes for the last 13 years and chose to deduct them on your U. Instructions for 1040x S. Instructions for 1040x income tax returns. Instructions for 1040x You were timely in both filing your returns and paying your U. Instructions for 1040x S. Instructions for 1040x tax liability. Instructions for 1040x In February 2013, you file an amended return for tax year 2002 choosing to take a credit for your 2002 foreign taxes because you now realize that the credit is more advantageous than the deduction for that year. Instructions for 1040x Because the regular due date of your 2002 return was April 15, 2003, this choice is timely (within 10 years). Instructions for 1040x Because there is a limit on the credit for your 2002 foreign tax, you have unused 2002 foreign taxes. Instructions for 1040x Ordinarily, you first carry back unused foreign taxes arising in 2002 to, and claim them as a credit in, the 2 preceding tax years. Instructions for 1040x If you are unable to claim all of them in those 2 years, you carry them forward to the 10 years following the year in which they arose. Instructions for 1040x Because you originally chose to deduct your foreign taxes and the 10-year period for changing the choice for 2000 and 2001 has passed, you cannot change your choice and carry the unused 2002 foreign taxes back to tax years 2000 and 2001. Instructions for 1040x Because the 10-year periods for changing the choice have not passed for your 2003 through 2012 income tax returns, you can still choose to claim the credit for those years and carry forward any unused 2002 foreign taxes. Instructions for 1040x However, you must reduce the unused 2002 foreign taxes that you carry forward by the amount that would have been allowed as a carryback if you had timely carried back the foreign tax to tax years 2000 and 2001. Instructions for 1040x You cannot take a credit or a deduction for foreign taxes paid on income you exclude under the foreign earned income exclusion or the foreign housing exclusion. Instructions for 1040x See Foreign Earned Income and Housing Exclusions under Foreign Taxes for Which You Cannot Take a Credit, later. Instructions for 1040x Why Choose the Credit? The foreign tax credit is intended to relieve you of a double tax burden when your foreign source income is taxed by both the United States and the foreign country. Instructions for 1040x In most cases, if the foreign tax rate is higher than the U. Instructions for 1040x S. Instructions for 1040x rate, there will be no U. Instructions for 1040x S. Instructions for 1040x tax on the foreign income. Instructions for 1040x If the foreign tax rate is lower than the U. Instructions for 1040x S. Instructions for 1040x rate, U. Instructions for 1040x S. Instructions for 1040x tax on the foreign income will be limited to the difference between the rates. Instructions for 1040x The foreign tax credit can only reduce U. Instructions for 1040x S. Instructions for 1040x taxes on foreign source income; it cannot reduce U. Instructions for 1040x S. Instructions for 1040x taxes on U. Instructions for 1040x S. Instructions for 1040x source income. Instructions for 1040x Although no one rule covers all situations, in most cases it is better to take a credit for qualified foreign taxes than to deduct them as an itemized deduction. Instructions for 1040x This is because: A credit reduces your actual U. Instructions for 1040x S. Instructions for 1040x income tax on a dollar-for-dollar basis, while a deduction reduces only your income subject to tax, You can choose to take the foreign tax credit even if you do not itemize your deductions. Instructions for 1040x You then are allowed the standard deduction in addition to the credit, and If you choose to take the foreign tax credit, and the taxes paid or accrued exceed the credit limit for the tax year, you may be able to carry over or carry back the excess to another tax year. Instructions for 1040x (See Limit on credit under How To Figure the Credit, later. Instructions for 1040x ) Example 1. Instructions for 1040x For 2013, you and your spouse have adjusted gross income of $80,300, including $20,000 of dividend income from foreign sources. Instructions for 1040x None of the dividends are qualified dividends. Instructions for 1040x You file a joint return and can claim two $3,900 exemptions. Instructions for 1040x You had to pay $2,000 in foreign income taxes on the dividend income. Instructions for 1040x If you take the foreign taxes as an itemized deduction, your total itemized deductions are $15,000. Instructions for 1040x Your taxable income then is $57,500 and your tax is $7,736. Instructions for 1040x If you take the credit instead, your itemized deductions are only $13,000. Instructions for 1040x Your taxable income then is $59,500 and your tax before the credit is $8,036. Instructions for 1040x After the credit, however, your tax is only $6,036. Instructions for 1040x Therefore, your tax is $1,700 lower ($7,736 − $6,036) by taking the credit. Instructions for 1040x Example 2. Instructions for 1040x In 2013, you receive investment income of $5,000 from a foreign country, which imposes a tax of $1,500 on that income. Instructions for 1040x You report on your U. Instructions for 1040x S. Instructions for 1040x return this income as well as $56,000 of U. Instructions for 1040x S. Instructions for 1040x source wages and an allowable $49,000 partnership loss from a U. Instructions for 1040x S. Instructions for 1040x partnership. Instructions for 1040x Your share of the partnership's gross income is $25,000 and your share of its expenses is $74,000. Instructions for 1040x You are single, entitled to one $3,900 exemption, and have other itemized deductions of $6,850. Instructions for 1040x If you deduct the foreign tax on your U. Instructions for 1040x S. Instructions for 1040x return, your taxable income is a negative $250 ($5,000 + $56,000 − $49,000 − $1,500 − $6,850 − $3,900) and your tax is $0. Instructions for 1040x If you take the credit instead, your taxable income is $1,250 ($5,000 + $56,000 − $49,000 − $3,900 − $6,850) and your tax before the credit is $126. Instructions for 1040x You can take a credit of only $113 because of limits discussed later. Instructions for 1040x Your tax after the credit is $13 ($126 − $113), which is $13 more than if you deduct the foreign tax. Instructions for 1040x If you choose the credit, you will have unused foreign taxes of $1,387 ($1,500 − $113). Instructions for 1040x When deciding whether to take the credit or the deduction this year, you will need to consider whether you can benefit from a carryback or carryover of that unused foreign tax. Instructions for 1040x Credit for Taxes Paid or Accrued You can claim the credit for a qualified foreign tax in the tax year in which you pay it or accrue it, depending on your method of accounting. Instructions for 1040x “Tax year” refers to the tax year for which your U. Instructions for 1040x S. Instructions for 1040x return is filed, not the tax year for which your foreign return is filed. Instructions for 1040x Accrual method of accounting. Instructions for 1040x   If you use an accrual method of accounting, you can claim the credit only in the year in which you accrue the tax. Instructions for 1040x You are using an accrual method of accounting if you report income when you earn it, rather than when you receive it, and you deduct your expenses when you incur them, rather than when you pay them. Instructions for 1040x   In most cases, foreign taxes accrue when all the events have taken place that fix the amount of the tax and your liability to pay it. Instructions for 1040x Generally, this occurs on the last day of the tax year for which your foreign return is filed. Instructions for 1040x Contesting your foreign tax liability. Instructions for 1040x   If you are contesting your foreign tax liability, you cannot accrue it and take a credit until the amount of foreign tax due is finally determined. Instructions for 1040x However, if you choose to pay the tax liability you are contesting, you can take a credit for the amount you pay before a final determination of foreign tax liability is made. Instructions for 1040x Once your liability is determined, the foreign tax credit is allowable for the year to which the foreign tax relates. Instructions for 1040x If the amount of foreign taxes taken as a credit differs from the final foreign tax liability, you may have to adjust the credit, as discussed later under Foreign Tax Redetermination . Instructions for 1040x You may have to post a bond. Instructions for 1040x   If you claim a credit for taxes accrued but not paid, you may have to post an income tax bond to guarantee your payment of any tax due in the event the amount of foreign tax paid differs from the amount claimed. Instructions for 1040x   The IRS can request this bond at any time without regard to the Time Limit on Tax Assessment discussed later under Carryback and Carryover. Instructions for 1040x Cash method of accounting. Instructions for 1040x   If you use the cash method of accounting, you can choose to take the credit either in the year you pay the tax or in the year you accrue it. Instructions for 1040x You are using the cash method of accounting if you report income in the year you actually or constructively receive it, and deduct expenses in the year you pay them. Instructions for 1040x Choosing to take credit in the year taxes accrue. Instructions for 1040x   Even if you use the cash method of accounting, you can choose to take a credit for foreign taxes in the year they accrue. Instructions for 1040x You make the choice by checking the box in Part II of Form 1116. Instructions for 1040x Once you make that choice, you must follow it in all later years and take a credit for foreign taxes in the year they accrue. Instructions for 1040x   In addition, the choice to take the credit when foreign taxes accrue applies to all foreign taxes qualifying for the credit. Instructions for 1040x You cannot take a credit for some foreign taxes when paid and take a credit for others when accrued. Instructions for 1040x   If you make the choice to take the credit when foreign taxes accrue and pay them in a later year, you cannot claim a deduction for any part of the previously accrued taxes. Instructions for 1040x Credit based on taxes paid in earlier year. Instructions for 1040x   If, in earlier years, you took the credit based on taxes paid, and this year you choose to take the credit based on taxes accrued, you may be able to take the credit this year for taxes from more than one year. Instructions for 1040x Example. Instructions for 1040x Last year you took the credit based on taxes paid. Instructions for 1040x This year you chose to take the credit based on taxes accrued. Instructions for 1040x During the year you paid foreign income taxes owed for last year. Instructions for 1040x You also accrued foreign income taxes for this year that you did not pay by the end of the year. Instructions for 1040x You can base the credit on your return for this year on both last year's taxes that you paid and this year's taxes that you accrued. Instructions for 1040x Foreign Currency and Exchange Rates U. Instructions for 1040x S. Instructions for 1040x income tax is imposed on income expressed in U. Instructions for 1040x S. Instructions for 1040x dollars, while in most cases the foreign tax is imposed on income expressed in foreign currency. Instructions for 1040x Therefore, fluctuations in the value of the foreign currency relative to the U. Instructions for 1040x S. Instructions for 1040x dollar may affect the foreign tax credit. Instructions for 1040x Translating foreign currency into U. Instructions for 1040x S. Instructions for 1040x dollars. Instructions for 1040x   If you receive all or part of your income or pay some or all of your expenses in foreign currency, you must translate the foreign currency into U. Instructions for 1040x S. Instructions for 1040x dollars. Instructions for 1040x How and when you do this depends on your functional currency. Instructions for 1040x In most cases, your functional currency is the U. Instructions for 1040x S. Instructions for 1040x dollar unless you are required to use the currency of a foreign country. Instructions for 1040x   You must make all federal income tax determinations in your functional currency. Instructions for 1040x The U. Instructions for 1040x S. Instructions for 1040x dollar is the functional currency for all taxpayers except some qualified business units. Instructions for 1040x A qualified business unit is a separate and clearly identified unit of a trade or business that maintains separate books and records. Instructions for 1040x Unless you are self-employed, your functional currency is the U. Instructions for 1040x S. Instructions for 1040x dollar. Instructions for 1040x   Even if you are self-employed and have a qualified business unit, your functional currency is the U. Instructions for 1040x S. Instructions for 1040x dollar if any of the following apply. Instructions for 1040x You conduct the business primarily in dollars. Instructions for 1040x The principal place of business is located in the United States. Instructions for 1040x You choose to or are required to use the dollar as your functional currency. Instructions for 1040x The business books and records are not kept in the currency of the economic environment in which a significant part of the business activities is conducted. Instructions for 1040x   If your functional currency is the U. Instructions for 1040x S. Instructions for 1040x dollar, you must immediately translate into dollars all items of income, expense, etc. Instructions for 1040x , that you receive, pay, or accrue in a foreign currency and that will affect computation of your income tax. Instructions for 1040x If there is more than one exchange rate, use the one that most properly reflects your income. Instructions for 1040x In most cases, you can get exchange rates from banks and U. Instructions for 1040x S. Instructions for 1040x Embassies. Instructions for 1040x   If your functional currency is not the U. Instructions for 1040x S. Instructions for 1040x dollar, make all income tax determinations in your functional currency. Instructions for 1040x At the end of the year, translate the results, such as income or loss, into U. Instructions for 1040x S. Instructions for 1040x dollars to report on your income tax return. Instructions for 1040x    For more information, write to: Internal Revenue Service International Section Philadelphia, PA 19255-0725 Rate of exchange for foreign taxes paid. Instructions for 1040x   Use the rate of exchange in effect on the date you paid the foreign taxes to the foreign country unless you meet the exception discussed next. Instructions for 1040x If your tax was withheld in foreign currency, use the rate of exchange in effect for the date on which the tax was withheld. Instructions for 1040x If you make foreign estimated tax payments, you use the rate of exchange in effect for the date on which you made the estimated tax payment. Instructions for 1040x   The exchange rate rules discussed here apply even if the foreign taxes are paid or accrued with respect to a foreign tax credit splitting event (discussed later). Instructions for 1040x Exception. Instructions for 1040x   If you claim the credit for foreign taxes on an accrual basis, in most cases you must use the average exchange rate for the tax year to which the taxes relate. Instructions for 1040x This rule applies to accrued taxes relating to tax years beginning after 1997 and only under the following conditions. Instructions for 1040x The foreign taxes are paid on or after the first day of the tax year to which they relate. Instructions for 1040x The foreign taxes are paid not later than 2 years after the close of the tax year to which they relate. Instructions for 1040x The foreign tax liability is not denominated in an inflationary currency (defined in the Form 1116 instructions). Instructions for 1040x (This condition applies to taxes paid or accrued in tax years beginning after November 6, 2007. Instructions for 1040x )   For all other foreign taxes, you should use the exchange rate in effect on the date you paid them. Instructions for 1040x Election to use exchange rate on date paid. Instructions for 1040x   If you have accrued foreign taxes that you are otherwise required to convert using the average exchange rate, you may elect to use the exchange rate in effect on the date the foreign taxes are paid if the taxes are denominated in a nonfunctional foreign currency. Instructions for 1040x If any of the accrued taxes are unpaid, you must translate them into U. Instructions for 1040x S. Instructions for 1040x dollars using the exchange rate on the last day of the U. Instructions for 1040x S. Instructions for 1040x tax year to which those taxes relate. Instructions for 1040x You may make the election for all nonfunctional currency foreign income taxes or only those nonfunctional currency foreign income taxes that are attributable to qualified business units with a U. Instructions for 1040x S. Instructions for 1040x dollar functional currency. Instructions for 1040x Once made, the election applies to the tax year for which made and all subsequent tax years unless revoked with the consent of the IRS. Instructions for 1040x The election is available for tax years beginning after 2004. Instructions for 1040x It must be made by the due date (including extensions) for filing the tax return for the first tax year to which the election applies. Instructions for 1040x Make the election by attaching a statement to the applicable tax return. Instructions for 1040x The statement must identify whether the election is made for all foreign taxes or only for foreign taxes attributable to qualified business units with a U. Instructions for 1040x S. Instructions for 1040x dollar functional currency. Instructions for 1040x Foreign Tax Redetermination A foreign tax redetermination is any change in your foreign tax liability that may affect your U. Instructions for 1040x S. Instructions for 1040x foreign tax credit claimed. Instructions for 1040x The year in which to claim the credit remains the year to which the foreign taxes paid or accrued relate, even if the change in foreign tax liability occurs in a later year. Instructions for 1040x If a foreign tax redetermination occurs, a redetermination of your U. Instructions for 1040x S. Instructions for 1040x tax liability is required if any of the following conditions apply. Instructions for 1040x The accrued taxes when paid differ from the amounts claimed as a credit. Instructions for 1040x The accrued taxes you claimed as a credit in one tax year are not paid within 2 years after the end of that tax year. Instructions for 1040x If this applies to you, you must reduce the credit previously claimed by the amount of the unpaid taxes. Instructions for 1040x You will not be allowed a credit for the unpaid taxes until you pay them. Instructions for 1040x When you pay the accrued taxes, a new foreign tax redetermination occurs and you must translate the taxes into U. Instructions for 1040x S. Instructions for 1040x dollars using the exchange rate as of the date they were paid. Instructions for 1040x The foreign tax credit is allowed for the year to which the foreign tax relates. Instructions for 1040x See Rate of exchange for foreign taxes paid , earlier, under Foreign Currency and Exchange Rates. Instructions for 1040x The foreign taxes you paid are refunded in whole or in part. Instructions for 1040x For taxes taken into account when accrued but translated into dollars on the date of payment, the dollar value of the accrued tax differs from the dollar value of the tax paid because of fluctuations in the exchange rate between the date of accrual and the date of payment. Instructions for 1040x However, no redetermination is required if the change in foreign tax liability for each foreign country is solely attributable to exchange rate fluctuations and is less than the smaller of: $10,000, or 2% of the total dollar amount of the foreign tax initially accrued for that foreign country for the U. Instructions for 1040x S. Instructions for 1040x tax year. Instructions for 1040x In this case, you must adjust your U. Instructions for 1040x S. Instructions for 1040x tax in the tax year in which the accrued foreign taxes are paid. Instructions for 1040x Notice to the Internal Revenue Service (IRS) of Redetermination You are required to notify the IRS about a foreign tax credit redetermination that affects your U. Instructions for 1040x S. Instructions for 1040x tax liability for each tax year affected by the redetermination. Instructions for 1040x In most cases, you must file Form 1040X, Amended U. Instructions for 1040x S. Instructions for 1040x Individual Income Tax Return, with a revised Form 1116 and a statement that contains information sufficient for the IRS to redetermine your U. Instructions for 1040x S. Instructions for 1040x tax liability for the year or years affected. Instructions for 1040x See Contents of statement , later. Instructions for 1040x You are not required to attach Form 1116 for a tax year affected by a redetermination if: The amount of your creditable taxes paid or accrued during the tax year is not more than $300 ($600 if married filing a joint return) as a result of the foreign tax redetermination, and You meet the requirements listed under Exemption from foreign tax credit limit under How To Figure the Credit, later. Instructions for 1040x There are other exceptions to this requirement. Instructions for 1040x They are discussed later under Due date of notification to IRS . Instructions for 1040x Contents of statement. Instructions for 1040x   The statement must include all of the following. Instructions for 1040x Your name, address, and taxpayer identification number. Instructions for 1040x The tax year or years that are affected by the foreign tax redetermination. Instructions for 1040x The date or dates the foreign taxes were accrued, if applicable. Instructions for 1040x The date or dates the foreign taxes were paid. Instructions for 1040x The amount of foreign taxes paid or accrued on each date (in foreign currency) and the exchange rate used to translate each amount. Instructions for 1040x Information sufficient to determine any interest due from or owing to you, including the amount of any interest paid to you by the foreign government and the dates received. Instructions for 1040x   In the case of any foreign taxes that were not paid before the date two years after the close of the tax year to which those taxes relate, you must provide the amount of those taxes in foreign currency and the exchange rate that was used to translate that amount when originally claimed as a credit. Instructions for 1040x   If any foreign tax was refunded in whole or in part, you must provide the date and amount (in foreign currency) of each refund, the exchange rate that was used to translate each amount when originally claimed as a credit, and the exchange rate for the date the refund was received (for purposes of computing foreign currency gain or loss under Internal Revenue Code section 988). Instructions for 1040x Due date of notification to IRS. Instructions for 1040x   If you pay less foreign tax than you originally claimed a credit for, in most cases you must file a notification by the due date (with extensions) of your original return for your tax year in which the foreign tax redetermination occurred. Instructions for 1040x There is no limit on the time the IRS has to redetermine and assess the correct U. Instructions for 1040x S. Instructions for 1040x tax due. Instructions for 1040x If you pay more foreign tax than you originally claimed a credit for, you have 10 years to file a claim for refund of U. Instructions for 1040x S. Instructions for 1040x taxes. Instructions for 1040x See Time Limit on Refund Claims , later. Instructions for 1040x   Exceptions to this due date are explained in the next two paragraphs. Instructions for 1040x Multiple redeterminations of U. Instructions for 1040x S. Instructions for 1040x tax liability for same tax year. Instructions for 1040x   Where more than one foreign tax redetermination requires a redetermination of U. Instructions for 1040x S. Instructions for 1040x tax liability for the same tax year and those redeterminations occur in the same tax year or within two consecutive tax years, you can file for that tax year one notification (Form 1040X with a Form 1116 and the required statement) that reflects all those tax redeterminations. Instructions for 1040x If you choose to file one notification, the due date for that notification is the due date of the original return (with extensions) for the year in which the first foreign tax redetermination that reduced your foreign tax liability occurred. Instructions for 1040x However, foreign tax redeterminations with respect to the tax year for which a redetermination of U. Instructions for 1040x S. Instructions for 1040x tax liability is required may occur after the due date for providing that notification. Instructions for 1040x In this situation, you may have to file more than one Form 1040X for that tax year. Instructions for 1040x Additional U. Instructions for 1040x S. Instructions for 1040x tax due eliminated by foreign tax credit carryback or carryover. Instructions for 1040x   If a foreign tax redetermination requires a redetermination of U. Instructions for 1040x S. Instructions for 1040x tax liability that would otherwise result in an additional amount of U. Instructions for 1040x S. Instructions for 1040x tax due, but the additional tax is eliminated by a carryback or carryover of an unused foreign tax, you do not have to amend your tax return for the year affected by the redetermination. Instructions for 1040x Instead, you can notify the IRS by attaching a statement to the original return for the tax year in which the foreign tax redetermination occurred. Instructions for 1040x You must file the statement by the due date (with extensions) of that return. Instructions for 1040x The statement must show the amount of the unused foreign taxes paid or accrued and a detailed schedule showing the computation of the carryback or carryover (including the amounts carried back or over to the year for which a redetermination on U. Instructions for 1040x S. Instructions for 1040x tax liability is required). Instructions for 1040x Failure-to-notify penalty. Instructions for 1040x   If you fail to notify the IRS of a foreign tax redetermination and cannot show reasonable cause for the failure, you may have to pay a penalty. Instructions for 1040x   For each month, or part of a month, that the failure continues, you pay a penalty of 5% of the tax due resulting from a redetermination of your U. Instructions for 1040x S. Instructions for 1040x tax. Instructions for 1040x This penalty cannot be more than 25% of the tax due. Instructions for 1040x Foreign tax refund. Instructions for 1040x   If you receive a foreign tax refund without interest from the foreign government, you will not have to pay interest on the amount of tax due resulting from the adjustment to your U. Instructions for 1040x S. Instructions for 1040x tax for the time before the date of the refund. Instructions for 1040x   However, if you receive a foreign tax refund with interest, you must pay interest to the IRS up to the amount of the interest paid to you by the foreign government. Instructions for 1040x The interest you must pay cannot be more than the interest you would have had to pay on taxes that were unpaid for any other reason for the same period. Instructions for 1040x Interest also is owed from the time you receive a refund until you pay the additional tax due. Instructions for 1040x Foreign tax imposed on foreign refund. Instructions for 1040x   If your foreign tax refund is taxed by the foreign country, you cannot take a separate credit or deduction for this additional foreign tax. Instructions for 1040x However, when you refigure the foreign tax credit taken for the original foreign tax, reduce the amount of the refund by the foreign tax paid on the refund. Instructions for 1040x Example. Instructions for 1040x You paid a foreign income tax of $3,000 in 2011, and received a foreign tax refund of $500 in 2013 on which a foreign tax of $100 was imposed. Instructions for 1040x When you refigure your credit for 2011, you must reduce the $3,000 you paid by $400. Instructions for 1040x Time Limit on Refund Claims You have 10 years to file a claim for refund of U. Instructions for 1040x S. Instructions for 1040x tax if you find that you paid or accrued a larger foreign tax than you claimed a credit for. Instructions for 1040x The 10-year period begins the day after the regular due date for filing the return (without extensions) for the year in which the taxes were actually paid or accrued. Instructions for 1040x You have 10 years to file your claim regardless of whether you claim the credit for taxes paid or taxes accrued. Instructions for 1040x The 10-year period applies to claims for refund or credit based on: Fixing math errors in figuring qualified foreign taxes, Reporting qualified foreign taxes not originally reported on the return, or Any other change in the size of the credit (including one caused by correcting the foreign tax credit limit). Instructions for 1040x The special 10-year period also applies to making or changing your choice to claim a deduction or credit for foreign taxes. Instructions for 1040x See Making or Changing Your Choice discussed earlier under Choosing To Take Credit or Deduction. Instructions for 1040x Who Can Take the Credit? U. Instructions for 1040x S. Instructions for 1040x citizens, resident aliens, and nonresident aliens who paid foreign income tax and are subject to U. Instructions for 1040x S. Instructions for 1040x tax on foreign source income may be able to take a foreign tax credit. Instructions for 1040x U. Instructions for 1040x S. Instructions for 1040x Citizens If you are a U. Instructions for 1040x S. Instructions for 1040x citizen, you are taxed by the United States on your worldwide income wherever you live. Instructions for 1040x You are normally entitled to take a credit for foreign taxes you pay or accrue. Instructions for 1040x Resident Aliens If you are a resident alien of the United States, you can take a credit for foreign taxes subject to the same general rules as U. Instructions for 1040x S. Instructions for 1040x citizens. Instructions for 1040x If you are a bona fide resident of Puerto Rico for the entire tax year, you also come under the same rules. Instructions for 1040x Usually, you can take a credit only for those foreign taxes imposed on income you actually or constructively received while you had resident alien status. Instructions for 1040x For information on alien status, see Publication 519. Instructions for 1040x Nonresident Aliens If you are a nonresident alien, you cannot take the credit in most cases. Instructions for 1040x However, you may be able to take the credit if: You were a bona fide resident of Puerto Rico during your entire tax year, or You pay or accrue tax to a foreign country or U. Instructions for 1040x S. Instructions for 1040x possession on income from foreign sources that is effectively connected with a trade or business in the United States. Instructions for 1040x But if you must pay tax to a foreign country or U. Instructions for 1040x S. Instructions for 1040x possession on income from U. Instructions for 1040x S. Instructions for 1040x sources only because you are a citizen or a resident of that country or U. Instructions for 1040x S. Instructions for 1040x possession, do not use that tax in figuring the amount of your credit. Instructions for 1040x For information on alien status and effectively connected income, see Publication 519. Instructions for 1040x What Foreign Taxes Qualify for the Credit? In most cases, the following four tests must be met for any foreign tax to qualify for the credit. Instructions for 1040x The tax must be imposed on you. Instructions for 1040x You must have paid or accrued the tax. Instructions for 1040x The tax must be the legal and actual foreign tax liability. Instructions for 1040x The tax must be an income tax (or a tax in lieu of an income tax). Instructions for 1040x Certain foreign taxes do not qualify for the credit even if the four tests are met. Instructions for 1040x See Foreign Taxes for Which You Cannot Take a Credit, later. Instructions for 1040x Tax Must Be Imposed on You You can claim a credit only for foreign taxes that are imposed on you by a foreign country or U. Instructions for 1040x S. Instructions for 1040x possession. Instructions for 1040x For example, a tax that is deducted from your wages is considered to be imposed on you. Instructions for 1040x You cannot shift the right to claim the credit by contract or other means. Instructions for 1040x Foreign country. Instructions for 1040x   A foreign country includes any foreign state and its political subdivisions. Instructions for 1040x Income, war profits, and excess profits taxes paid or accrued to a foreign city or province qualify for the foreign tax credit. Instructions for 1040x U. Instructions for 1040x S. Instructions for 1040x possessions. Instructions for 1040x   For foreign tax credit purposes, all qualified taxes paid to U. Instructions for 1040x S. Instructions for 1040x possessions are considered foreign taxes. Instructions for 1040x For this purpose, U. Instructions for 1040x S. Instructions for 1040x possessions include Puerto Rico and American Samoa. Instructions for 1040x   When the term “foreign country” is used in this publication, it includes U. Instructions for 1040x S. Instructions for 1040x possessions unless otherwise stated. Instructions for 1040x You Must Have Paid or Accrued the Tax In most cases, you can claim the credit only if you paid or accrued the foreign tax to a foreign country or U. Instructions for 1040x S. Instructions for 1040x possession. Instructions for 1040x However, the paragraphs that follow describe some instances in which you can claim the credit even if you did not directly pay or accrue the tax yourself. Instructions for 1040x Joint return. Instructions for 1040x   If you file a joint return, you can claim the credit based on the total foreign income taxes paid or accrued by you and your spouse. Instructions for 1040x Combined income. Instructions for 1040x   If foreign tax is imposed on the combined income of two or more persons (for example, spouses), the tax is allocated among, and considered paid by, these persons on a pro rata basis in proportion to each person's portion of the combined income, as determined under foreign law and Regulations section 1. Instructions for 1040x 901-2(f)(3)(iii). Instructions for 1040x Combined income with respect to each foreign tax that is imposed on a combined basis (and combined income subject to tax exemption or preferential tax rates) is computed separately, and the tax on that combined income is allocated separately. Instructions for 1040x   These rules apply to foreign taxes paid or accrued in tax years beginning after February 14, 2012. Instructions for 1040x However, you can choose to apply the new rules to foreign taxes paid or accrued in tax years beginning after December 31, 2010, and before February 15, 2012. Instructions for 1040x For more details, see paragraphs (f) and (h) of Regulations section 1. Instructions for 1040x 901-2. Instructions for 1040x For similar rules applicable to prior tax years, see Regulations section 1. Instructions for 1040x 901-2 (revised as of April 1, 2011). Instructions for 1040x Example. Instructions for 1040x You and your spouse reside in Country X, which imposes income tax on your combined incomes. Instructions for 1040x Both of you use the “u” as your functional currency. Instructions for 1040x Country X apportions tax based on income. Instructions for 1040x You had income of 30,000u and your spouse had income of 20,000u. Instructions for 1040x Your filing status on your U. Instructions for 1040x S. Instructions for 1040x income tax return is married filing separately. Instructions for 1040x You can claim only 60% (30,000u/50,000u) of the foreign taxes imposed on your income on your U. Instructions for 1040x S income tax return. Instructions for 1040x Your spouse can claim only 40% (20,000u/50,000u). Instructions for 1040x Partner or S corporation shareholder. Instructions for 1040x   If you are a member of a partnership, or a shareholder in an S corporation, you can claim the credit based on your proportionate share of the foreign income taxes paid or accrued by the partnership or the S corporation. Instructions for 1040x These amounts will be shown on the Schedule K-1 you receive from the partnership or S corporation. Instructions for 1040x However, if you are a shareholder in an S corporation that in turn owns stock in a foreign corporation, you cannot claim a credit for your share of foreign taxes paid by the foreign corporation. Instructions for 1040x Beneficiary. Instructions for 1040x   If you are a beneficiary of an estate or trust, you may be able to claim the credit based on your proportionate share of foreign income taxes paid or accrued by the estate or trust. Instructions for 1040x This amount will be shown on the Schedule K-1 you receive from the estate or trust. Instructions for 1040x However, you must show that the tax was imposed on income of the estate and not on income received by the decedent. Instructions for 1040x Mutual fund shareholder. Instructions for 1040x   If you are a shareholder of a mutual fund or other regulated investment company (RIC), you may be able to claim the credit based on your share of foreign income taxes paid by the fund if it chooses to pass the credit on to its shareholders. Instructions for 1040x You should receive from the mutual fund or other RIC a Form 1099-DIV, or similar statement, showing your share of the foreign income, and your share of the foreign taxes paid. Instructions for 1040x If you do not receive this information, you will need to contact the fund. Instructions for 1040x Controlled foreign corporation shareholder. Instructions for 1040x   If you are a shareholder of a controlled foreign corporation and choose to be taxed at corporate rates on the amount you must include in gross income from that corporation, you can claim the credit based on your share of foreign taxes paid or accrued by the controlled foreign corporation. Instructions for 1040x If you make this election, you must claim the credit by filing Form 1118, Foreign Tax Credit—Corporations. Instructions for 1040x Controlled foreign corporation. Instructions for 1040x   A controlled foreign corporation is a foreign corporation in which U. Instructions for 1040x S. Instructions for 1040x shareholders own more than 50% of the voting power or value of the stock. Instructions for 1040x You are considered a U. Instructions for 1040x S. Instructions for 1040x shareholder if you own, directly or indirectly, 10% or more of the total voting power of all classes of the foreign corporation's stock. Instructions for 1040x See Internal Revenue Code sections 951(b) and 958(b) for more information. Instructions for 1040x Tax Must Be the Legal and Actual Foreign Tax Liability The amount of foreign tax that qualifies is not necessarily the amount of tax withheld by the foreign country. Instructions for 1040x Only the legal and actual foreign tax liability that you paid or accrued during the year qualifies for the credit. Instructions for 1040x Foreign tax refund. Instructions for 1040x   You cannot take a foreign tax credit for income taxes paid to a foreign country if it is reasonably certain the amount would be refunded, credited, rebated, abated, or forgiven if you made a claim. Instructions for 1040x   For example, the United States has tax treaties with many countries allowing U. Instructions for 1040x S. Instructions for 1040x citizens and residents reductions in the rates of tax of those foreign countries. Instructions for 1040x However, some treaty countries require U. Instructions for 1040x S. Instructions for 1040x citizens and residents to pay the tax figured without regard to the lower treaty rates and then claim a refund for the amount by which the tax actually paid is more than the amount of tax figured using the lower treaty rate. Instructions for 1040x The qualified foreign tax is the amount figured using the lower treaty rate and not the amount actually paid, because the excess tax is refundable. Instructions for 1040x Subsidy received. Instructions for 1040x   Tax payments a foreign country returns to you in the form of a subsidy do not qualify for the foreign tax credit. Instructions for 1040x This rule applies even if the subsidy is given to a person related to you, or persons who participated with you in a transaction or a related transaction. Instructions for 1040x A subsidy can be provided by any means but must be determined, directly or indirectly, in relation to the amount of tax, or to the base used to figure the tax. Instructions for 1040x   The term “subsidy” includes any type of benefit. Instructions for 1040x Some ways of providing a subsidy are refunds, credits, deductions, payments, or discharges of obligations. Instructions for 1040x Shareholder receiving refund for corporate tax in integrated system. Instructions for 1040x   Under some foreign tax laws and treaties, a shareholder is considered to have paid part of the tax that is imposed on the corporation. Instructions for 1040x You may be able to claim a refund of these taxes from the foreign government. Instructions for 1040x You must include the refund (including any amount withheld) in your income in the year received. Instructions for 1040x Any tax withheld from the refund is a qualified foreign tax. Instructions for 1040x Example. Instructions for 1040x You are a shareholder of a French corporation. Instructions for 1040x You receive a $100 refund of the tax paid to France by the corporation on the earnings distributed to you as a dividend. Instructions for 1040x The French government imposes a 15% withholding tax ($15) on the refund you received. Instructions for 1040x You receive a check for $85. Instructions for 1040x You include $100 in your income. Instructions for 1040x The $15 of tax withheld is a qualified foreign tax. Instructions for 1040x Tax Must Be an Income Tax (or Tax in Lieu of Income Tax) In most cases, only income, war profits, and excess profits taxes (income taxes) qualify for the foreign tax credit. Instructions for 1040x Foreign taxes on wages, dividends, interest, and royalties qualify for the credit in most cases. Instructions for 1040x Furthermore, foreign taxes on income can qualify even though they are not imposed under an income tax law if the tax is in lieu of an income, war profits, or excess profits tax. Instructions for 1040x See Taxes in Lieu of Income Taxes , later. Instructions for 1040x Income Tax Simply because the levy is called an income tax by the foreign taxing authority does not make it an income tax for this purpose. Instructions for 1040x A foreign levy is an income tax only if it meets both of the following requirements. Instructions for 1040x It is a tax; that is, you have to pay it and you get no specific economic benefit (discussed below) from paying it. Instructions for 1040x The predominant character of the tax is that of an income tax in the U. Instructions for 1040x S. Instructions for 1040x sense. Instructions for 1040x A foreign levy may meet these requirements even if the foreign tax law differs from U. Instructions for 1040x S. Instructions for 1040x tax law. Instructions for 1040x The foreign law may include in income items that U. Instructions for 1040x S. Instructions for 1040x law does not include, or it may allow certain exclusions or deductions that U. Instructions for 1040x S. Instructions for 1040x law does not allow. Instructions for 1040x Specific economic benefit. Instructions for 1040x   In most cases, you get a specific economic benefit if you receive, or are considered to receive, an economic benefit from the foreign country imposing the levy, and: If there is a generally imposed income tax, the economic benefit is not available on substantially the same terms to all persons subject to the income tax, or If there is no generally imposed income tax, the economic benefit is not available on substantially the same terms to the population of the foreign country in general. Instructions for 1040x   You are considered to receive a specific economic benefit if you have a business transaction with a person who receives a specific economic benefit from the foreign country and, under the terms and conditions of the transaction, you receive directly or indirectly all or part of the benefit. Instructions for 1040x   However, see the exception discussed later under Pension, unemployment, and disability fund payments . Instructions for 1040x Economic benefits. Instructions for 1040x   Economic benefits include the following. Instructions for 1040x Goods. Instructions for 1040x Services. Instructions for 1040x Fees or other payments. Instructions for 1040x Rights to use, acquire, or extract resources, patents, or other property the foreign country owns or controls. Instructions for 1040x Discharges of contractual obligations. Instructions for 1040x   In most cases, the right or privilege merely to engage in business is not an economic benefit. Instructions for 1040x Dual-capacity taxpayers. Instructions for 1040x   If you are subject to a foreign country's levy and you also receive a specific economic benefit from that foreign country, you are a “dual-capacity taxpayer. Instructions for 1040x ” As a dual-capacity taxpayer, you cannot claim a credit for any part of the foreign levy, unless you establish that the amount paid under a distinct element of the foreign levy is a tax, rather than a compulsory payment for a direct or indirect specific economic benefit. Instructions for 1040x    For more information on how to establish amounts paid under separate elements of a levy, write to: Internal Revenue Service International Section Philadelphia, PA 19255-0725 Pension, unemployment, and disability fund payments. Instructions for 1040x   A foreign tax imposed on an individual to pay for retirement, old-age, death, survivor, unemployment, illness, or disability benefits, or for substantially similar purposes, is not payment for a specific economic benefit if the amount of the tax does not depend on the age, life expectancy, or similar characteristics of that individual. Instructions for 1040x    No deduction or credit is allowed, however, for social security taxes paid or accrued to a foreign country with which the United States has a social security agreement. Instructions for 1040x For more information about these agreements, see Publication 54. Instructions for 1040x Soak-up taxes. Instructions for 1040x   A foreign tax is not predominantly an income tax and does not qualify for credit to the extent it is a soak-up tax. Instructions for 1040x A tax is a soak-up tax to the extent that liability for it depends on the availability of a credit for it against income tax imposed by another country. Instructions for 1040x This rule applies only if and to the extent that the foreign tax would not be imposed if the credit were not available. Instructions for 1040x Penalties and interest. Instructions for 1040x   Amounts paid to a foreign government to satisfy a liability for interest, fines, penalties, or any similar obligation are not taxes and do not qualify for the credit. Instructions for 1040x Taxes not based on income. Instructions for 1040x   Foreign taxes based on gross receipts or the number of units produced, rather than on realized net income, do not qualify unless they are imposed in lieu of an income tax, as discussed next. Instructions for 1040x Taxes based on assets, such as property taxes, do not qualify for the credit. Instructions for 1040x Taxes in Lieu of Income Taxes A tax paid or accrued to a foreign country qualifies for the credit if it is imposed in lieu of an income tax otherwise generally imposed. Instructions for 1040x A foreign levy is a tax in lieu of an income tax only if: It is not payment for a specific economic benefit as discussed earlier, and The tax is imposed in place of, and not in addition to, an income tax otherwise generally imposed. Instructions for 1040x A tax in lieu of an income tax does not have to be based on realized net income. Instructions for 1040x A foreign tax imposed on gross income, gross receipts or sales, or the number of units produced or exported can qualify for the credit. Instructions for 1040x In most cases, a soak-up tax (discussed earlier) does not qualify as a tax in lieu of an income tax. Instructions for 1040x However, if the foreign country imposes a soak-up tax in lieu of an income tax, the amount that does not qualify for foreign tax credit is the lesser of the following amounts. Instructions for 1040x The soak-up tax. Instructions for 1040x The foreign tax you paid that is more than the amount you would have paid if you had been subject to the generally imposed income tax. Instructions for 1040x Foreign Taxes for Which You Cannot Take a Credit This part discusses the foreign taxes for which you cannot take a credit. Instructions for 1040x These are: Taxes on excluded income, Taxes for which you can only take an itemized deduction, Taxes on foreign mineral income, Taxes from international boycott operations, A portion of taxes on combined foreign oil and gas income, Taxes of U. Instructions for 1040x S. Instructions for 1040x persons controlling foreign corporations and partnerships who fail to file required information returns, and Taxes related to a foreign tax splitting event. Instructions for 1040x Taxes on Excluded Income You cannot take a credit for foreign taxes paid or accrued on certain income that is excluded from U. Instructions for 1040x S. Instructions for 1040x gross income. Instructions for 1040x Foreign Earned Income and Housing Exclusions You must reduce your foreign taxes available for the credit by the amount of those taxes paid or accrued on income that is excluded from U. Instructions for 1040x S. Instructions for 1040x income under the foreign earned income exclusion or the foreign housing exclusion. Instructions for 1040x See Publication 54 for more information on the foreign earned income and housing exclusions. Instructions for 1040x Wages completely excluded. Instructions for 1040x   If your wages are completely excluded, you cannot take a credit for any of the foreign taxes paid or accrued on these wages. Instructions for 1040x Wages partly excluded. Instructions for 1040x   If only part of your wages is excluded, you cannot take a credit for the foreign income taxes allocable to the excluded part. Instructions for 1040x You find the amount allocable to your excluded wages by multiplying the foreign tax paid or accrued on foreign earned income received or accrued during the tax year by a fraction. Instructions for 1040x   The numerator of the fraction is your foreign earned income and housing amounts excluded under the foreign earned income and housing exclusions for the tax year minus otherwise deductible expenses definitely related and properly apportioned to that income. Instructions for 1040x Deductible expenses do not include the foreign housing deduction. Instructions for 1040x   The denominator is your total foreign earned income received or accrued during the tax year minus all deductible expenses allocable to that income (including the foreign housing deduction). Instructions for 1040x If the foreign law taxes foreign earned income and some other income (for example, earned income from U. Instructions for 1040x S. Instructions for 1040x sources or a type of income not subject to U. Instructions for 1040x S. Instructions for 1040x tax), and the taxes on the other income cannot be segregated, the denominator of the fraction is the total amount of income subject to the foreign tax minus deductible expenses allocable to that income. Instructions for 1040x Example. Instructions for 1040x You are a U. Instructions for 1040x S. Instructions for 1040x citizen and a cash basis taxpayer, employed by Company X and living in Country A. Instructions for 1040x Your records show the following: Foreign earned income received $125,000 Unreimbursed business travel expenses 20,000 Income tax paid to Country A 30,000 Exclusion of foreign earned  income and housing allowance 97,600     Because you can exclude part of your wages, you cannot claim a credit for part of the foreign taxes. Instructions for 1040x To find that part, do the following. Instructions for 1040x First, find the amount of business expenses allocable to excluded wages and therefore not deductible. Instructions for 1040x To do this, multiply the otherwise deductible expenses by a fraction. Instructions for 1040x That fraction is the excluded wages over your foreign earned income. Instructions for 1040x   $20,000 × $97,600 $125,000 = $15,616             Next, find the numerator of the fraction by which you will multiply the foreign taxes paid. Instructions for 1040x To do this, subtract business expenses allocable to excluded wages ($15,616) from excluded wages ($97,600). Instructions for 1040x The result is $81,984. Instructions for 1040x Then, find the denominator of the fraction by subtracting all your deductible expenses from all your foreign earned income ($125,000 − $20,000 = $105,000). Instructions for 1040x Finally, multiply the foreign tax you paid by the resulting fraction. Instructions for 1040x   $30,000 × $81,984  $105,000 = $23,424 The amount of Country A tax you cannot take a credit for is $23,424. Instructions for 1040x Taxes on Income From Puerto Rico Exempt From U. Instructions for 1040x S. Instructions for 1040x Tax If you have income from Puerto Rican sources that is not taxable, you must reduce your foreign taxes paid or accrued by the taxes allocable to the exempt income. Instructions for 1040x For information on figuring the reduction, see Publication 570. Instructions for 1040x Possession Exclusion If you are a bona fide resident of American Samoa and exclude income from sources in American Samoa, you cannot take a credit for the taxes you pay or accrue on the excluded income. Instructions for 1040x For more information on this exclusion, see Publication 570. Instructions for 1040x Extraterritorial Income Exclusion You cannot take a credit for taxes you pay on qualifying foreign trade income excluded on Form 8873, Extraterritorial Income Exclusion. Instructions for 1040x However, see Internal Revenue Code section 943(d) for an exception for certain withholding taxes. Instructions for 1040x Taxes for Which You Can Only Take an Itemized Deduction You cannot claim a foreign tax credit for foreign income taxes paid or accrued under the following circumstances. Instructions for 1040x However, you can claim an itemized deduction for these taxes. Instructions for 1040x See Choosing To Take Credit or Deduction , earlier. Instructions for 1040x Taxes Imposed By Sanctioned Countries (Section 901(j) Income) You cannot claim a foreign tax credit for income taxes paid or accrued to any country if the income giving rise to the tax is for a period (the sanction period) during which: The Secretary of State has designated the country as one that repeatedly provides support for acts of international terrorism, The United States has severed or does not conduct diplomatic relations with the country, or The United States does not recognize the country's government, and that government is not otherwise eligible to purchase defense articles or services under the Arms Export Control Act. Instructions for 1040x The following countries meet this description for 2013. Instructions for 1040x Income taxes paid or accrued to these countries in 2013 do not qualify for the credit. Instructions for 1040x Cuba. Instructions for 1040x Iran. Instructions for 1040x Libya (but see Note later). Instructions for 1040x North Korea. Instructions for 1040x Sudan. Instructions for 1040x Syria. Instructions for 1040x Waiver of denial of the credit. Instructions for 1040x   A waiver can be granted to a sanctioned country if the President of the United States determines that granting the waiver is in the national interest of the United States and will expand trade and investment opportunities for U. Instructions for 1040x S. Instructions for 1040x companies in the sanctioned country. Instructions for 1040x The President must report to Congress his intentions to grant the waiver and his reasons for granting the waiver not less than 30 days before the date on which the waiver is granted. Instructions for 1040x Note. Instructions for 1040x Effective December 10, 2004, the President granted a waiver to Libya. Instructions for 1040x Income taxes arising on or after this date qualify for the credit if they meet the other requirements in this publication. Instructions for 1040x Limit on credit. Instructions for 1040x   In figuring the foreign tax credit limit, discussed later, income from a sanctioned country is a separate category of foreign income unless a Presidential waiver is granted. Instructions for 1040x You must fill out a separate Form 1116 for this income. Instructions for 1040x This will prevent you from claiming a credit for foreign taxes paid or accrued to the sanctioned country. Instructions for 1040x Example. Instructions for 1040x You lived and worked in Iran until August, when you were transferred to Italy. Instructions for 1040x You paid taxes to each country on the income earned in that country. Instructions for 1040x You cannot claim a foreign tax credit for the foreign taxes paid on the income earned in Iran. Instructions for 1040x Because the income earned in Iran is a separate category of foreign income, you must fill out a separate Form 1116 for that income. Instructions for 1040x You cannot take a credit for taxes paid on the income earned in Iran, but that income is taxable by the United States. Instructions for 1040x Figuring the credit when a sanction ends. Instructions for 1040x    Table 1 lists the countries for which sanctions have ended or for which a Presidential waiver has been granted. Instructions for 1040x For any of these countries, you can claim a foreign tax credit for the taxes paid or accrued to that country on the income for the period that begins after the end of the sanction period or the date the Presidential waiver was granted. Instructions for 1040x Example. Instructions for 1040x The sanctions against Country X ended on July 31. Instructions for 1040x On August 19, you receive a distribution from a mutual fund of Country X income. Instructions for 1040x The fund paid Country X income tax for you on the distribution. Instructions for 1040x Because the distribution was made after the sanction ended, you may include the foreign tax paid on the distribution to compute your foreign tax credit. Instructions for 1040x Amounts for the nonsanctioned period. Instructions for 1040x   If a sanction period ends (or a Presidential waiver is granted) during your tax year and you are not able to determine the actual income and taxes for that period, you can allocate amounts to that period based on the number of days in the period that fall in your tax year. Instructions for 1040x Multiply the income or taxes for the year by the following fraction to determine the amounts allocable to that period. Instructions for 1040x   Number of nonsanctioned days in year  Number of days in year Example. Instructions for 1040x You are a calendar year filer and received $20,000 of income from Country X in 2013 on which you paid tax of $4,500. Instructions for 1040x Sanctions against Country X ended on July 11, 2013. Instructions for 1040x You are unable to determine how much of the income or tax is for the nonsanctioned period. Instructions for 1040x Because your tax year starts on January 1, and the Country X sanction ended on July 11, 2013, 173 days of your tax year are in the nonsanctioned period. Instructions for 1040x You would compute the income for the nonsanctioned period as follows. Instructions for 1040x 173 365 × $20,000 = $9,479             You would figure the tax for the nonsanctioned period as follows. Instructions for 1040x 173 365 × $4,500 = $2,133 To figure your foreign tax credit, you would use $9,479 as the income from Country X and $2,133 as the tax. Instructions for 1040x Further information. Instructions for 1040x   The rules for figuring the foreign tax credit after a country's sanction period ends are more fully explained in Revenue Ruling 92-62, Cumulative Bulletin 1992-2, page 193. Instructions for 1040x This Cumulative Bulletin can be found in many libraries and IRS offices. Instructions for 1040x Table 1. Instructions for 1040x Countries Removed From the Sanction List or Granted Presidential Waiver   Sanction Period Country Starting Date Ending Date Iraq February 1, 1991 June 27, 2004 Libya January 1, 1987 December 9, 2004* *Presidential waiver granted for qualified income taxes arising after December 9, 2004. Instructions for 1040x Taxes Imposed on Certain Dividends You cannot claim a foreign tax credit for withholding tax (defined later ) on dividends paid or accrued if either of the following applies to the dividends. Instructions for 1040x The dividends are on stock you held for less than 16 days during the 31-day period that begins 15 days before the ex-dividend date (defined later). Instructions for 1040x The dividends are for a period or periods totaling more than 366 days on preferred stock you held for less than 46 days during the 91-day period that begins 45 days before the ex-dividend date. Instructions for 1040x If the dividend is not for more than 366 days, rule (1) applies to the preferred stock. Instructions for 1040x When figuring how long you held the stock, count the day you sold it, but do not count the day you acquired it or any days on which you were protected from risk of loss. Instructions for 1040x Regardless of how long you held the stock, you cannot claim the credit to the extent you have an obligation under a short sale or otherwise to make payments related to the dividend for positions in substantially similar or related property. Instructions for 1040x Withholding tax. Instructions for 1040x   For this purpose, withholding tax includes any tax determined on a gross basis. Instructions for 1040x It does not include any tax which is in the nature of a prepayment of a tax imposed on a net basis. Instructions for 1040x Ex-dividend date. Instructions for 1040x   The ex-dividend date is the first date following the declaration of a dividend on which the purchaser of a stock is not entitled to receive the next dividend payment. Instructions for 1040x Example 1. Instructions for 1040x You bought common stock from a foreign corporation on November 3. Instructions for 1040x You sold the stock on November 19. Instructions for 1040x You received a dividend on this stock because you owned it on the ex-dividend date of November 5. Instructions for 1040x To claim the credit, you must have held the stock for at least 16 days within the 31-day period that began on October 21 (15 days before the ex-dividend date). Instructions for 1040x Because you held the stock for 16 days, from November 4 until November 19, you are entitled to the credit. Instructions for 1040x Example 2. Instructions for 1040x The facts are the same as in Example 1 except that you sold the stock on November 14. Instructions for 1040x You held the stock for only 11 days. Instructions for 1040x You are not entitled to the credit. Instructions for 1040x Exception. Instructions for 1040x   If you are a securities dealer who actively conducts business in a foreign country, you may be able to claim a foreign tax credit for qualified taxes paid on dividends regardless of how long you held the stock or whether you were obligated to make payments for positions in substantially similar or related property. Instructions for 1040x See section 901(k)(4) of the Internal Revenue Code for more information. Instructions for 1040x Taxes Withheld on Income or Gain (Other Than Dividends) For income or gain (other than dividends) paid or accrued on property, you cannot claim a foreign tax credit for withholding tax (defined later): If you have not held the property for at least 16 days during the 31-day period that begins 15 days before the date on which the right to receive the payment arises, or To the extent you have to make related payments on positions in substantially similar or related property. Instructions for 1040x When figuring how long you held the property, count the day you sold it, but do not count the day you acquired it or any days on which you were protected from risk of loss. Instructions for 1040x Withholding tax. Instructions for 1040x   For this purpose, withholding tax includes any tax determined on a gross basis. Instructions for 1040x It does not include any tax which is in the nature of a prepayment of a tax imposed on a net basis. Instructions for 1040x Exception for dealers. Instructions for 1040x   If you are a dealer in property who actively conducts business in a foreign country, you may be able to claim a foreign tax credit for qualified taxes withheld on income or gain from that property regardless of how long you held it or whether you have to make related payments on positions in substantially similar or related property. Instructions for 1040x See section 901(I)(2) of the Internal Revenue Code for more information. Instructions for 1040x Covered Asset Acquisition ???You cannot take a credit for the disqualified portion of any foreign tax paid or accrued in connection with a covered asset acquisition. Instructions for 1040x A covered asset acquisition includes certain acquisitions that result in a stepped-up basis for U. Instructions for 1040x S. Instructions for 1040x tax purposes but not for foreign tax purposes. Instructions for 1040x For more information, see Internal Revenue Code section 901(m). Instructions for 1040x The IRS intends to issue guidance that will explain this provision in greater detail. Instructions for 1040x Taxes in Connection With the Purchase or Sale of Oil or Gas You cannot claim a foreign tax credit for taxes paid or accrued to a foreign country in connection with the purchase or sale of oil or gas extracted in that country if you do not have an economic interest in the oil or gas, and the purchase price or sales price is different from the fair market value of the oil or gas at the time of purchase or sale. Instructions for 1040x Taxes on Foreign Mineral Income You must reduce any taxes paid or accrued to a foreign country or possession on mineral income from that country or possession if you were allowed a deduction for percentage depletion for any part of the mineral income. Instructions for 1040x For details, see Regulations section 1. Instructions for 1040x 901-3. Instructions for 1040x Taxes From International Boycott Operations If you participate in or cooperate with an international boycott during the tax year, your foreign taxes resulting from boycott activities will reduce the total taxes available for credit. Instructions for 1040x See the instructions for line 12 in the Form 1116 instructions to figure this reduction. Instructions for 1040x In most cases, this rule does not apply to employees with wages who are working and living in boycotting countries, or to retirees with pensions who are living in these countries. Instructions for 1040x List of boycotting countries. Instructions for 1040x   A list of the countries which may require participation in or cooperation with an international boycott is published by the Department of the Treasury. Instructions for 1040x As of November 2013, the following countries are listed. Instructions for 1040x Iraq. Instructions for 1040x Kuwait. Instructions for 1040x Lebanon. Instructions for 1040x Libya. Instructions for 1040x Qatar. Instructions for 1040x Saudi Arabia. Instructions for 1040x Syria. Instructions for 1040x United Arab Emirates. Instructions for 1040x Yemen. Instructions for 1040x    For information concerning changes to the list, write to: Internal Revenue Service International Section Philadelphia, PA 19255-0725 Determinations of whether the boycott rule applies. Instructions for 1040x   You may request a determination from the Internal Revenue Service as to whether a particular operation constitutes participation in or cooperation with an international boycott. Instructions for 1040x The procedures for obtaining a determination from the Service are outlined in Revenue Procedure 77-9 in Cumulative Bulletin 1977-1. Instructions for 1040x Cumulative Bulletins are available in most IRS offices and you are welcome to read them there. Instructions for 1040x Public inspection. Instructions for 1040x   A determination and any related background file is open to public inspection. Instructions for 1040x However, your identity and certain other information will remain confidential. Instructions for 1040x Reporting requirements. Instructions for 1040x   You must file a report with the IRS if you or any of the following persons have operations in or related to a boycotting country or with the government, a company, or a national of a boycotting country. Instructions for 1040x A foreign corporation in which you own 10% or more of the voting power of all voting stock but only if you own the stock of the foreign corporation directly or through foreign entities. Instructions for 1040x A partnership in which you are a partner. Instructions for 1040x A trust you are treated as owning. Instructions for 1040x Form 5713 required. Instructions for 1040x   If you have to file a report, you must use Form 5713, International Boycott Report, and attach all supporting schedules. Instructions for 1040x See the Instructions for Form 5713 for information on when and where to file the form. Instructions for 1040x Penalty for failure to file. Instructions for 1040x   If you willfully fail to make a report, in addition to other penalties, you may be fined $25,000 or imprisoned for no more than one year, or both. Instructions for 1040x Taxes on Combined Foreign Oil and Gas Income You must reduce your foreign taxes by a portion of any foreign taxes imposed on combined foreign oil and gas income. Instructions for 1040x The amount of the reduction is the amount by which your foreign oil and gas taxes exceed the amount of your combined foreign oil and gas income multiplied by a fraction equal to your pre-credit U. Instructions for 1040x S. Instructions for 1040x tax liability (Form 1040, line 44) divided by your worldwide taxable income. Instructions for 1040x You may be entitled to carry over to other years taxes reduced under this rule. Instructions for 1040x See Internal Revenue Code section 907(f). Instructions for 1040x Combined foreign oil and gas income means the sum of foreign oil related income and foreign oil and gas extraction income. Instructions for 1040x Foreign oil and gas taxes are the sum of foreign oil and gas extraction taxes and foreign oil related taxes. Instructions for 1040x Taxes of U. Instructions for 1040x S. Instructions for 1040x Persons Controlling Foreign Corporations and Partnerships If you had control of a foreign corporation or a foreign partnership for the annual accounting period of that corporation or partnership that ended with or within your tax year, you may have to file an annual information return. Instructions for 1040x If you do not file the required information return, you may have to reduce the foreign taxes that may be used for the foreign tax credit. Instructions for 1040x See Penalty for not filing Form 5471 or Form 8865 , later. Instructions for 1040x U. Instructions for 1040x S. Instructions for 1040x persons controlling foreign corporations. Instructions for 1040x   If you are a U. Instructions for 1040x S. Instructions for 1040x citizen or resident who had control of a foreign corporation for an uninterrupted period of at least 30 days during the annual accounting period of that corporation, you may have to file an annual information return on Form 5471, Information Return of U. Instructions for 1040x S. Instructions for 1040x Persons With Respect To Certain Foreign Corporations. Instructions for 1040x Under this rule, you generally had control of a foreign corporation if at any time during your tax year you owned: Stock possessing more than 50% of the total combined voting power of all classes of stock entitled to vote, or More than 50% of the total value of shares of all classes of stock of the foreign corporation. Instructions for 1040x U. Instructions for 1040x S. Instructions for 1040x persons controlling foreign partnerships. Instructions for 1040x   If you are a U. Instructions for 1040x S. Instructions for 1040x citizen or resident who had control of a foreign partnership at any time during the partnership's tax year, you may have to file
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Phishing Scams

“Phishing” is the use of fraudulent e-mail designed to steal identities as well as vital personal information such as credit card numbers, bank account PINs, and passwords. Phishing e-mails often ask you to verify this type of information.

Scammers also go “SMishing,” or phishing using text messages, by asking you to verify or confirm sensitive information. Legitimate companies never ask for your password or account number via e-mail. Protect yourself:

  • Call the company directly to determine if the email is trustworthy
  • Forward the email to the Federal Trade Commission at spam@uce.gov.
  • Do not reveal personal or financial information in emails
  • Contact the company directly. Do not use contact information provided on a web site connected to the request; instead, use contact information from account statements that you already have.
  • Don’t reply to the email, even if it threatens to disable your account.

Beware: Cash Top-Up Scams

Cash top-up cards can be a convenient way to transfer money to other accounts. They are not designed to be used directly with retailers or online merchants; rather they are used to reload money on accounts that you control, such as your debit card.
Unfortunately, scammers know the ease and convenience of using these cards. They persuade you to share your top-up card number directly with them instead of using a wire or escrow service. However, if you send the top-up number you’ll be left without the merchandise you were promised or your money. To protect yourself from these scams:

  • Guard your top-up card like it is cash.
  • Be wary of advertisements where you are asked to pay with a cash top-up card.
  • Don’t share your top-up card number with someone you don’t know, even if a merchant asks you to e-mail it to them.
  • Never use these cards to pay taxes or fees on lottery or sweepstakes winnings. It’s likely that you haven’t won anything.

Protect Your PIN

Beware of “shoulder surfers.” Be suspicious of anyone lurking around an ATM or watching over your shoulder while you use your card. Some thieves even put a device over the card slot of an ATM to read the magnetic strip and record your PIN; this is known as “skimming”. If you suspect criminal activity, walk away and use a different ATM.

The Instructions For 1040x

Instructions for 1040x Publication 544 - Additional Material Table of Contents Tax Publications for Business TaxpayersSee How To Get Tax Help for a variety of ways to get publications, including by computer, phone, and mail. Instructions for 1040x General Guides 1 Your Rights as a Taxpayer 17 Your Federal Income Tax (For Individuals) 334 Tax Guide for Small Business (For Individuals Who Use Schedule C or C-EZ) 509 Tax Calendars 910 IRS Guide to Free Tax Services Employer's Guides 15 (Circular E), Employer's Tax Guide 15-A Employer's Supplemental Tax Guide 15-B Employer's Tax Guide to Fringe Benefits 51 (Circular A), Agricultural Employer's Tax Guide 80 (Circular SS), Federal Tax Guide For Employers in the U. Instructions for 1040x S. Instructions for 1040x Virgin Islands, Guam, American Samoa, and the Commonwealth of the Northern Mariana Islands 926 Household Employer's Tax Guide Specialized Publications 225 Farmer's Tax Guide 463 Travel, Entertainment, Gift, and Car Expenses 505 Tax Withholding and Estimated Tax 510 Excise Taxes (Including Fuel Tax Credits and Refunds) 515 Withholding of Tax on Nonresident Aliens and Foreign Entities 517 Social Security and Other Information for Members of the Clergy and Religious Workers 527 Residential Rental Property 534 Depreciating Property Placed in Service Before 1987 535 Business Expenses 536 Net Operating Losses (NOLs) for Individuals, Estates, and Trusts 537 Installment Sales 538 Accounting Periods and Methods 541 Partnerships 542 Corporations 544 Sales and Other Dispositions of Assets 551 Basis of Assets 556 Examination of Returns, Appeal Rights, and Claims for Refund 560 Retirement Plans for Small Business (SEP, SIMPLE, and Qualified Plans) 561 Determining the Value of Donated Property 583 Starting a Business and Keeping Records 587 Business Use of Your Home (Including Use by Daycare Providers) 594 What You Should Know About The IRS Collection Process 595 Capital Construction Fund for Commercial Fishermen 597 Information on the United States-Canada Income Tax Treaty 598 Tax on Unrelated Business Income of Exempt Organizations 686 Certification for Reduced Tax Rates in Tax Treaty Countries 901 U. Instructions for 1040x S. Instructions for 1040x Tax Treaties 908 Bankruptcy Tax Guide 925 Passive Activity and At-Risk Rules 946 How To Depreciate Property 947 Practice Before the IRS and Power of Attorney 1544 Reporting Cash Payments of Over $10,000 (Received in a Trade or Business) 1546 Taxpayer Advocate Service - Your Voice at the IRS Spanish Language Publications 1SP Derechos del Contribuyente 179 (Circular PR), Guía Contributiva Federal Para Patronos Puertorriqueños 579SP Cómo Preparar la Declaración de Impuesto Federal 594SP Qué es lo Debemos Saber Sobre El Proceso de Cobro del IRS 850 English-Spanish Glossary of Words and Phrases Used in Publications Issued by the Internal Revenue Service 1544SP Informe de Pagos en Efectivo en Exceso de $10,000 (Recibidos en una Ocupación o Negocio) Commonly Used Tax FormsSee How To Get Tax Help for a variety of ways to get forms, including by computer, phone, and mail. Instructions for 1040x Form Number and Form Title W-2 Wage and Tax Statement W-4 Employee's Withholding Allowance Certificate 940 Employer's Annual Federal Unemployment (FUTA) Tax Return 941 Employer's QUARTERLY Federal Tax Return 944 Employer's ANNUAL Federal Tax Return 1040 U. Instructions for 1040x S. Instructions for 1040x Individual Income Tax Return Sch. Instructions for 1040x A & B Itemized Deductions & Interest and Ordinary Dividends Sch. Instructions for 1040x C Profit or Loss From Business Sch. Instructions for 1040x C-EZ Net Profit From Business Sch. Instructions for 1040x D Capital Gains and Losses Sch. Instructions for 1040x E Supplemental Income and Loss Sch. Instructions for 1040x F Profit or Loss From Farming Sch. Instructions for 1040x H Household Employment Taxes Sch. Instructions for 1040x J Income Averaging for Farmers and Fishermen Sch. Instructions for 1040x R Credit for the Elderly or the Disabled Sch. Instructions for 1040x SE Self-Employment Tax 1040-ES Estimated Tax for Individuals 1040X Amended U. Instructions for 1040x S. Instructions for 1040x Individual Income Tax Return 1065 U. Instructions for 1040x S. Instructions for 1040x Return of Partnership Income Sch. Instructions for 1040x D Capital Gains and Losses Sch. Instructions for 1040x K-1 Partner's Share of Income, Deductions, Credits, etc. Instructions for 1040x 1120 U. Instructions for 1040x S. Instructions for 1040x Corporation Income Tax Return Sch. Instructions for 1040x D Capital Gains and Losses 1120S U. Instructions for 1040x S. Instructions for 1040x Income Tax Return for an S Corporation Sch. Instructions for 1040x D Capital Gains and Losses and Built-In Gains Sch. Instructions for 1040x K-1 Shareholder's Share of Income, Deductions, Credits, etc. Instructions for 1040x 2106 Employee Business Expenses 2106-EZ Unreimbursed Employee Business Expenses 2210 Underpayment of Estimated Tax by Individuals, Estates, and Trusts 2441 Child and Dependent Care Expenses 2848 Power of Attorney and Declaration of Representative 3800 General Business Credit 3903 Moving Expenses 4562 Depreciation and Amortization 4797 Sales of Business Property 4868 Application for Automatic Extension of Time To File U. Instructions for 1040x S. Instructions for 1040x Individual Income Tax Return 5329 Additional Taxes on Qualified Plans (Including IRAs) and Other Tax-Favored Accounts 6252 Installment Sale Income 7004 Application for Automatic Extension of Time To File Certain Business Income Tax, Information, and Other Returns 8283 Noncash Charitable Contributions 8300 Report of Cash Payments Over $10,000 Received in a Trade or Business 8582 Passive Activity Loss Limitations 8606 Nondeductible IRAs 8822 Change of Address 8829 Expenses for Business Use of Your Home 8949 Sales and Other Dispositions of Capital Assets Prev  Up  Next   Home   More Online Publications