DBnr
Level 2
‎08-09-2023 01:15 PM

Client moved overseas end of last year.  Return gives him a credit for taxes paid for withholding in the foreign country, and generates a credit on the return.  ProSeries indicated that no Form 1116 is necessary to file with the return. Subsequently IRS is requiring the Form 1116.  I cannot get the program to generate the form.  HELP PLEASE!!!

0 Cheers
Reply
sjrcpa
Level 15
‎08-09-2023 01:18 PM

When you do figure out how to add it, realize that the tax withheld is not necessarily the creditable amount of foreign tax.

How much withholding? I'm surprised the software said no 1116 needed.


The more I know the more I don’t know.
Reply
Just-Lisa-Now-
Level 15
Level 15
‎08-09-2023 01:40 PM

Where did you enter it that no 1116 was completed?   My program seems to complete one even when its not required,


♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
Reply
DBnr
Level 2
‎08-09-2023 01:56 PM

$906

0 Cheers
Reply
DBnr
Level 2
‎08-09-2023 01:58 PM

It appears on Schedule 3

0 Cheers
Reply
sjrcpa
Level 15
‎08-09-2023 02:05 PM

$906 is not eligible for the election not to file the 1116, even if it is from a 1099.


The more I know the more I don’t know.
Reply
Just-Lisa-Now-
Level 15
Level 15
‎08-09-2023 02:11 PM

So you just plunked it on Sch 3?   Thats too much $$ to just drop onto that line.

You need to open the 1116 worksheet and enter the information there for it to flow to the Form 1116


♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
Reply