Search found 2 matches

by confused_canuk
Wed Mar 15, 2017 8:36 pm
Forum: Canada / United States Tax & Accounting
Topic: How to determine part 2 of form 1116
Replies: 2
Views: 1787

I found the following calculation under "allocation of foreign taxes" on Pub 514:

General category income
1) wages/total income x deductions = expenses allocable to wages
--> is this line 101/line 150 x line 233 from my T1?

2) subtract your total wages by number generated in (1) = net wages ...
by confused_canuk
Tue Mar 14, 2017 11:57 pm
Forum: Canada / United States Tax & Accounting
Topic: How to determine part 2 of form 1116
Replies: 2
Views: 1787

How to determine part 2 of form 1116

I am a Canadian citizen, living and working in Canada so have T1. However I have dual citizenship, so also need to file US taxes.

I am trying to fill out form 1116 for my general and passive income and am stuck trying to figure out how to determine the foreign taxes paid on general income and ...