Recharacterizing foreign source income as described above.



Foreign Tax By Country Worksheet Any income that is defined in another separate limit category. This election exempts you only from the limit figured on Form 1116 and not from the other requirements described in this publication. If you do not itemize, this is your standard deduction. Subtract the greater of line 16 or line 18 from line 12.

The additional credit is limited to the difference between the estimated U.