An overview of the foreign tax credit includes what taxes qualify for the foreign tax credit, how claiming the foreign tax impacts other tax return items, basic calculation issues, exceptions to filing Form 1116, and foreign earned income exclusion.
- Describe what foreign income taxes are creditable and which are not.
- Explain how to complete a basic Form 1116 and when Form 1116 is not needed to claim the foreign tax credit.
- Calculate the interaction between the foreign earned income exclusion and the foreign tax credit.
IRS Program Number: NMVBP-T-00184-21-S
Length: 100 minutes plus optional question-and-answer session (no CE)
Advanced Preparation: None
Program Level: Basic
Delivery Method: Self-Study
Field of Study: Federal Tax (IRS);
Credit hours: 2 IRS CE
Instructor: Thomas Gorczynski, EA, CTP, USTCP Click here to learn more about the instructor
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