skip navigation
Search Help
Navigation Help

Tax Map Index

Tax Topic Index

Affordable Care Act
Tax Topic Index

Tax Topics

About Tax Map Website
Publication 514
Foreign Tax Credit for Individuals
Introduction, Useful Items and Important Changes
For use in Preparing 2014 Returns

Choosing To Take Credit or Deduction

Choice 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.S. 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 Credit

Taxes 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.S. Persons Controlling Foreign Corporations and Partnerships
Taxes Related to a Foreign Tax Credit Splitting Event

How To Figure the Credit

Limit 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.S. Losses
Tax Treaties

Carryback and Carryover

Time Limit on Tax Assessment
Claim for Refund
Taxes All Credited or All Deducted
Married Couples

How To Claim the Credit

Form 1116
Records To Keep

How To Get Tax Help

The Taxpayer Advocate Service Is Here To Help You
Low Income Taxpayer Clinics