Internal Revenue Service United States Department of the Treasury
Level Basic Advanced Military International

Foreign Tax Credit and Completing Form 1116

Completing Form 1116

Topic Summary

This topic explained how to complete Form 1116, which consists of four parts:

  • Part I is used to figure the taxable income from Puerto Rico and foreign sources in each income category
  • Part II addresses the amount of Puerto Rico taxes that have been paid or accrued
  • Part III is used to compute the foreign tax credit
  • Part IV summarizes the credit