form-1116

What problem does it solve?

This skill produces an audit-grade draft of Form 1116, guiding the user through inputs, basket determination, currency translation, and §904 limitations to ensure correct foreign tax credit calculations.

Core Features & Use Cases

• Stepwise workflow for Step 1 de-minimis evaluation and Step 2 basket sorting, currency translation, Part I-III calculations, and Part IV aggregation.
• Generates a complete Form 1116 draft with line-by-line Part I-III values and carryover tracking, ready for CPA review.
• Supports coordination with Form 2555 FEIE and other forms to avoid double-dipping and ensures audit-grade deliverables.

Quick Start

Provide tax year, filer status, foreign income and foreign tax details to generate a complete Form 1116 draft.