Form 1116 (2023)
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Part III Figuring the Credit
9 Enter the amount from line 8. These are your total foreign taxes paid
or accrued for the category of income checked above Part I . .
9
10 Enter the sum of any carryover of foreign taxes (from Schedule B,
line 3, column (xiv)) plus any carrybacks to the current tax year. If
you enter an amount on line 10 and you don’t need to attach
Schedule B, check here (see instructions) . . . . . . .
10
(If your income was section 951A category income (box a above Part I),
leave line 10 blank.)
11 Add lines 9 and 10 . . . . . . . . . . . . . . . 11
12 Reduction in foreign taxes (see instructions) . . . . . . .
12 ( )
13 Taxes reclassified under high tax kickout (see instructions) . . 13
14
Combine lines 11, 12, and 13. This is the total amount of foreign taxes available for credit . . .
14
15
Enter the amount from line 7. This is your taxable income or (loss) from
sources outside the United States (before adjustments) for the category
of income checked above Part I. See instructions
. . . . . .
15
16 Adjustments to line 15 (see instructions) . . . . . . . . 16
17
Combine the amounts on lines 15 and 16. This is your net foreign
source taxable income. (If the result is zero or less, you have no
foreign tax credit for the category of income you checked above
Part I. Skip lines 18 through 24. However, if you are filing more than
one Form 1116, you must complete line 20.) . . . . . . .
17
18
Individuals: Enter the amount from line 15 of your Form 1040,
1040-SR, or 1040-NR. Estates and trusts: Enter your taxable
income without the deduction for your exemption . . . . .
18
Caution: If you figured your tax using the lower rates on qualified dividends or capital gains, see
instructions.
19 Divide line 17 by line 18. If line 17 is more than line 18, enter “1” . . . . . . . . . . .
19
20 Individuals: Enter the total of Form 1040, 1040-SR, or 1040-NR, line 16, and Schedule 2 (Form
1040), line 2. Estates and trusts: Enter the amount from Form 1041, Schedule G, line 1a; or the
total of Form 990-T, Part II, lines 2, 3, 4, and 6. Foreign estates and trusts should enter the amount
from Form 1040-NR, line 16. See instructions . . . . . . . . . . . . . . . . .
20
Caution: If you are completing line 20 for separate category g (lump-sum distributions), or, if you file
Form 8978, Partner’s Additional Reporting Year Tax, see instructions.
21 Multiply line 20 by line 19 (maximum amount of credit) . . . . . . . . . . . . . .
21
22 Increase in limitation (section 960(c)) (see instructions) . . . . . . . . . . . . . .
22
23 Add lines 21 and 22 . . . . . . . . . . . . . . . . . . . . . . . . .
23
24
Enter the smaller of line 14 or line 23. If this is the only Form 1116 you are filing, skip lines 25
through 32 and enter this amount on line 33. Otherwise, complete the appropriate line in Part IV. See
instructions . . . . . . . . . . . . . . . . . . . . . . . . . . .
24
Part IV Summary of Credits From Separate Parts III (see instructions)
25 Credit for taxes on section 951A category income . . . . . 25
26 Credit for taxes on foreign branch category income . . . . . 26
27 Credit for taxes on passive category income . . . . . . . 27
28 Credit for taxes on general category income . . . . . . . 28
29 Credit for taxes on section 901(j) income . . . . . . . . 29
30 Credit for taxes on certain income re-sourced by treaty . . . . 30
31 Credit for taxes on lump-sum distributions . . . . . . . . 31
32 Add lines 25 through 31 . . . . . . . . . . . . . . . . . . . . . . . 32
33 Enter the smaller of line 20 or line 32 . . . . . . . . . . . . . . . . . . . 33
34 Reduction of credit for international boycott operations. See instructions for line 12 . . . . . 34
35 Subtract line 34 from line 33. This is your foreign tax credit. Enter here and on Schedule 3 (Form
1040), line 1; Form 1041, Schedule G, line 2a; or Form 990-T, Part III, line 1a . . . . . . .
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Form 1116 (2023)