- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
I have input mutual fund dividends in a 1041. They include foreign tax. I have input the foreign tax credit in form 11116 below the dividends. The form 1116 is not being produced. Any idea of what I am doing wrong?
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Edited for 1041
Screen 36 > Select choices for the first two items, e.g. OC (since many mutual funds to not list well) and Passive Category Income
In Credit section, click Gen.Info/Elections > Resident of (probably United States) and if appropriate, enter 1 to elect to not waste paper on the 1116 form.
Screen 16 > do the entries you mention and Select 1 for the Form 1116 name or number (O) in the Foreign Tax Credit Section
Answers are easy. Questions are hard!
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Check the k-1 - chances are the foreign tax is flowing through to the beneficiaries.
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Are your screen numbers referring to a 1041?
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
@Lisa_Godwin Sorry, no I answered for 1040.
I have edited the response for 1041. Hopefully it gets you where you need to be.
Answers are easy. Questions are hard!
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
How do you get it to flow through to the K-1?
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Screen 43 has overrride to do Line 14 code B for each beneficiary.
Answers are easy. Questions are hard!
