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Level 1
September 29, 2021
Question

How do I take the better benefit for F 1116 FTC vs F 2555? Income is excluded on F2555 but I have foreign tax paid that I want to offset against the current year tax.

  • September 29, 2021
  • 1 reply
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Is there a code to take the maximize benefit?  I have enough FTC to offset CY tax (it is capital gain income)
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1 reply

sjrcpa
Level 15
September 29, 2021

You have to calculate it both ways. No option for the software to optimize.

The more I know the more I don’t know.