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Hello everyone,
My client has foreign dividend of $1,867 and capital distribution of $75,701 from US source.
Why would Lacerte picked up the US source $75,701 to calculate the Net Foreign Source Capital Gain Distributions?
Please advise!
Thanks!
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The most likely culprit is Screen 12.
Check your entries under the Foreign Tax Credit section and make sure you have entered -1 for the line "Precentage foreign (.xxxx) or amount if different - Capital Gain Distributions".
If you have input for the other lines (i.e. Total Ordinary Dividends and Qualified Dividends), Lacerte (and ProConnect Tax for that matter) tends to treat a blank as 100% and the way to avoid that is to enter the all-powerful and magical -1.
If you already have -1 for CGD but yet that isn't fixed, check Screen 35.1. Under the Gross Income Within Country section, make sure you have the correct adjustments and/or overrides for CGD.
Still an AllStar
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Thank you so much, itonewbie!
It solved the problem!
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NP, @ellie036. Have a great day!
Still an AllStar