Form 1099-INT may include bother U.S. and foreign source interest income and related taxes. In this example, a taxpayer receives a Form 1099-INT that reports U.S. and foreign source interest income, as well as foreign income taxes withheld at source. <br /><br />The taxpayer reports the total interest income on Schedule B of Form 1040, but they are also eligible to claim the foreign taxes withheld as a foreign tax credit on Form 1116.<br /><br />More Videos on Form 1116 Foreign Tax Credits<br />Foreign Credit for Compensation: <a href="https://youtu.be/KKnlbJ_dUBE" target="_blank" rel="nofollow">https://youtu.be/KKnlbJ_dUBE</a><br />Foreign Credit on Dividends: <a href="https://youtu.be/sh_WQizuP6c" target="_blank" rel="nofollow">https://youtu.be/sh_WQizuP6c</a><br />FTC on Form 1116: <a href="https://youtu.be/hq6civEk3io" target="_blank" rel="nofollow">https://youtu.be/hq6civEk3io</a><br />Schedule B Carryover: <a href="https://youtu.be/RuOQz7KLKII" target="_blank" rel="nofollow">https://youtu.be/RuOQz7KLKII</a><br />Adjustments for Qualified Dividends: <a href="https://youtu.be/Li9gLv_NmMI" target="_blank" rel="nofollow">https://youtu.be/Li9gLv_NmMI</a><br /><br />For a larger database of tutorials, please visit our website and search for your question:<br /><a href="https://knottlearning.com/" target="_blank" rel="nofollow">https://knottlearning.com/</a><br /><br />DISCLAIMER: The information provided in this video may contain information about tax, financial, and legal topics. Such materials are for informational purposes only and may not reflect the most current developments. These informational materials are not intended and should not be taken as tax, financial, or legal advice. You should contact an advisor to discuss your specific facts and circumstances. Self-help services may not be permitted in all states or jurisdictions. The use of these materials does not create an attorney-client or confidential relationship. This video does not include information about every topic or issue related to these informational materials.<br /><br />#Form1116 #ForeignTaxCredit #InterestIncome<br />...<br /><a href="https://www.youtube.com/watch?v=jVY5V5AdZGs" target="_blank" rel="nofollow">https://www.youtube.com/watch?v=jVY5V5AdZGs</a>