I meant to say I had $30k in total dedutions including the $6000k
So
Line 1a $20k
Line 2 $1k
Line 3a, 3c $30k
Line 3d $20k
Line 3e $100k
Line 3f 0.2
Line 3g $6k (my mistake, I had said $15k)
Line 6 $7k
Line 7 $13k
Sounds right?
You are very right then about needing to calculate state taxes for 2024 before doing the 1116 federal taxes for 2024 (or at least the 'total income for state tax purposes'). I never run into this scenario and never thought you would have to do Federal, then state, then 1116
I guess if you pay taxes on April 2024 for your 2023 return, you would have to do a prorate with the income in your 2023 return. Pub 514 should have been more explicit, but it's kind of implied, I'd think.
So
Line 1a $20k
Line 2 $1k
Line 3a, 3c $30k
Line 3d $20k
Line 3e $100k
Line 3f 0.2
Line 3g $6k (my mistake, I had said $15k)
Line 6 $7k
Line 7 $13k
Sounds right?
You are very right then about needing to calculate state taxes for 2024 before doing the 1116 federal taxes for 2024 (or at least the 'total income for state tax purposes'). I never run into this scenario and never thought you would have to do Federal, then state, then 1116
I guess if you pay taxes on April 2024 for your 2023 return, you would have to do a prorate with the income in your 2023 return. Pub 514 should have been more explicit, but it's kind of implied, I'd think.
Statistics: Posted by international001 — Fri May 31, 2024 11:13 pm — Replies 50 — Views 5265
