Conference nyoss1::market_investing

Just put "various" in the country slot.  Depending on your situation, you may
do about as well deducting foreign tax on schedule A (misc. taxes) as filing
an 1116 (you can do either but not both).  Figure your taxes both ways, and
then decide.

     If you can express the foriegn tax in one line, then you don't need 
the form.  Just write in the item on the line of the 1040 or put an 
asterisk and write in the description on the bottom of the page.  I've 
been doing this for years and never filed the form.

    
    	Thanks for the comments.
    
    	My taxes have been getting more and more complicated each year - so 
    	darn many stinking forms/publications.  I need a translator (or a
    	decoder ring) to understand what they are talking about.  Hell, I only
    	have 6 years of college.
    
    	H&R Block, here I come.
    
    	Chuck.

re .2:

If you're putting the full amount of foreign tax on the "Foreign tax credit"
line, you're taking a bigger credit than you're entitled to.  For example,
I paid $70 in foreign taxes and got a $36 credit this year.  If you deduct
("Other taxes" on schedule A), you can deduct the whole amount.

re .3:

According to my brother who used to work for H&R Block, if you've got
complicated taxes, you should use an accountant.  In either case, if
it's something like a small amount of foreign taxes, they'll probably
charge more for an 1116 than you'll save by filing one instead of taking
the deduction.

    
    	I took a chance and went to H&R Block for some advice on the 
    	Foreign Tax Credit and some other things that were giving me
    	problems.
    
    	Boy, what a disappointment that was!  I couldn't believe how
    	poor their knowledge of taxes was.  I had some simple problems
    	and some that required a little more intelligence.  They
    	couldn't answer the simple stuff, so I didn't bother confusing
    	them with the harder problems/questions.
    
    	After talking with them briefly about the foreign tax credit, I
    	was completely convinced that they didn't know how to file it
    	for mutual funds.  So I didn't bother them with it.
    
    	I don't know much about taxes, but I certainly know more than
    	H&R Block does!
    
    	I wonder if wasting $50 for incompetent tax preparation is
    	tax deductable!?
    
    	Chuck.

    
    
    Consider the fact that a CPA will charge $400 and up for preparing
    a very simple return.  H&R Block charges only $50 for the same
    service.  A lot of that difference in price reflects the difference
    in training and education of the "average CPA" versus the "average
    H&R Block employee."  H&R Block runs seminars to train just about
    anyone interested in working for them.  Therefore, most of their
    employees have the equivalent of a vocational school training in
    tax prep. 
    
    For people intimidated by the basic 1040 or even 1040A, that kind
    of help can be wonderful.  For someone with a complicated tax picture,
    a tax professional is a wise investment of (tax-deductible) money.

    I have my returns done for only $150 at Anstiss and Company in
    Lowell--and I have foreign taxes paid and a bunch of other exciting
    tax things, like dependent care.  This fee includes the state form,
    too.
    		-John Bishop