Tax Law (Questions About Taxes)/foreign sourced income

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Question
My sole income for 2012 was foreign sourced. I realize I have to submit Schedule D for a $3,000 capital loss carryover from 2011. Is this carryover entered ANYWHERE on the foreign tax credit form, form 1116 - line 3b or elsewhere.  Also, do I enter my student loan interest deduction on line 3b of form 1116, and lastly, where do I actually enter my foreign sourced wages on my 1040 form, line 7, wages, etc., or line 21, other income, and in U.S. dollars?
  Thank-you so very much!!

Answer
Shone:

Yes under some circumstances you can file the foreign tax credit amount on schedule A.  Please read the instructions  for form 1116 before using Schedule A to understand the do's and do not's.

Yes you use 1040 to report your foreign wages and to report your student interest paid.

John

Tax Law (Questions About Taxes)

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John L. Tidwell

Expertise

Unemployment tax law both state and federal; determination of employer employee relationship; the usual 20 commonlaw factors for making that determination; and what makes me a liable employer.

Experience

Over 20 years of field audit experience with a state agency

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Education/Credentials
Degree in Accounting from Falls Business College

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