Line 13z

Other refundable credits.

Use line 13z to report the credit under section 960(c) with respect to an excess limitation account. If an increase in the limitation under section 960(c) is more than your U.S. income tax reported on Form 1116, Part III, line 20, the amount of the excess is deemed an overpayment of tax and can be claimed on line 13z as a refundable credit. See section 960(c)(5). Enter “960(c)” and the amount of the credit. See section 960(c) for more information about the circumstances under which an excess in limitation arises. Also, see the instructions for Form 1116, Part III, line 22, for your increase in limitation.

Also use line 13z to report the amount of U.S. tax allocable to the U.S. Virgin Islands. Enter “Form 8689” and the amount paid.

If you made the election to defer net income tax attributable to the gain on the sale or exchange of qualified farmland property, use Form 1062 to figure the amount of your applicable net tax liability. On line 13z, enter 75% of your applicable net tax liability from Form 1062, line 14. Identify as “1062NL.”

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Line 13z

Official source

Other refundable credits.

Use line 13z to report the credit under section 960(c) with respect to an excess limitation account. If an increase in the limitation under section 960(c) is more than your U.S. income tax reported on Form 1116, Part III, line 20, the amount of the excess is deemed an overpayment of tax and can be claimed on line 13z as a refundable credit. See section 960(c)(5). Enter “960(c)” and the amount of the credit. See section 960(c) for more information about the circumstances under which an excess in limitation arises. Also, see the instructions for Form 1116, Part III, line 22, for your increase in limitation.

Also use line 13z to report the amount of U.S. tax allocable to the U.S. Virgin Islands. Enter “Form 8689” and the amount paid.

If you made the election to defer net income tax attributable to the gain on the sale or exchange of qualified farmland property, use Form 1062 to figure the amount of your applicable net tax liability. On line 13z, enter 75% of your applicable net tax liability from Form 1062, line 14. Identify as “1062NL.”