Tax Law (Questions About Taxes)/foreign sourced income
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!!
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.