Looking down the lines of Schedule 3, you may notice that some of these credits also require an additional form or schedule. For example, if you claim the Foreign Tax Credit, you may also need to attach Form 1116 to your return. If you claim any education credits, you'll also need For...
In general, four tests must be met for the tax to qualify for the credit and to claim on Form 1116:The tax must be a legal and actual foreign tax liability. The tax must be imposed on you You must have paid or accrued the tax, and The tax must be an income tax (or a tax in...
If you plan on taking advantage of tax deductions and credits, you'll have to fill out separate forms and include them with your return, such as Form 2441 for the tax credit for childcare expenses or Form 1116 for the foreign tax credit. Informational tax forms The IRS also issues tax fo...
Looking down the lines of Schedule 3, you may notice that some of these credits also require an additional form or schedule. For example, if you claim the Foreign Tax Credit, you may also need to attach Form 1116 to your return. If you claim any education credits, you'll also need ...