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What is Form 1116 and Who Needs to File One?

Form 1116

 Form 1116 is, ‘Foreign Tax Credit’.

Form 1116 should be filed to claim a foreign tax credit if you are a US resident individual, estate, or trust, and you paid or accrued certain foreign taxes to a foreign country or US possession.

Not all foreign taxes are creditable.  Foreign taxes that are not creditable may still be deductible.