Tax Law (Questions About Taxes)/Form 1116


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!!

Assumes you actually have a cap loss from 2011?

Prior loss does not affect current 1116

Pro rata stu loan is apparently a valid deduc on 3b.  But I have never seen it down

Are u a USA citizen? Or green card?

Foreign wages go on line 7

How long did you work abroad? You might meet exclusion tests....  

Tax Law (Questions About Taxes)

All Answers

Answers by Expert:

Ask Experts




Tax and general business including hospitality related (hotel mgmt degree and experience in industry prior to obtaining ms tax and cpa).


19 years cpa. ms tax. NOTE: My discussions are only a general information and do not constitute tax advise without entering into a specific agreement and executing an engagement letter; This free chat is nothing more than general information and should not be construed as tax advice nor does my response or replies imply an agreement to provide client specific advice or other guidance for purposes of avoiding IRS tax or penalties and should not be relied upon without your own validation and confirmation of the how the discussion may fit your facts... Not having all the facts and/or not having a direct client relationship prevents me from providing the most accurate replies as possible and I highly suggest using a local CPA to provide you with written advice and guidance. Taking matters into your own hands is much akin to trying to land an airplane without a license. It is easy to FLY a plane, but LANDING is when critical experience is key. In short, caveat emptor; do your homework and don't just rely on free chat board advice anywhere, anytime.

AICPA, CSCPA (Ct society), National Tax,

a bunch.

MS tax and other post graduate coursework

Awards and Honors
variety including Summa Cum Laude

Past/Present Clients
I don't disclose or kiss and tell

©2017 All rights reserved.