39. A taxpayer final status is married filing jointly they have a 1055 k-1 with foreign tax credit of 550 dollars in box 16 this amount is not showing as a credit on form 1040 is the following a possible reason for the problem. A. Foreign taxes are always a deduction on schedule A and they not a credit.
39. A taxpayer final status is married filing jointly they have a 1055 k-1 with foreign tax credit of 550 dollars in box 16 this amount is not showing as a credit on form 1040 is the following a possible reason for the problem. A. Foreign taxes are always a deduction on schedule A and they not a credit.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Question
100%
39. A taxpayer final status is married filing jointly they have a 1055 k-1 with foreign tax credit of 550 dollars in box 16 this amount is not showing as a credit on form 1040 is the following a possible reason for the problem.
A. Foreign taxes are always a deduction on schedule A and they not a credit.
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