meilinyu-cpa
Level 1
04-15-2021
12:37 AM
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That is, only maximum of $10,000 can be offset to Total Investment Income for the Tax Computation of Net Invement Income Tax? Also, there's no deduction against the Total Investment Income because it is no longer deductible as Misc Itemized Deduction, right?
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sjrcpa
Level 15
meilinyu-cpa
Level 1
04-15-2021
12:02 PM
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Thank you. I see that I can also deduct Foreign income tax not claimed as foreign tax credit. Do you know how I can input the foreign tax paid in Proconnect so it gets added to Investment Expenses Allocable to Investment Income?
sjrcpa
Level 15
04-15-2021
12:29 PM
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It's still part of the $10K limit so I don't think it matters.
The more I know the more I don’t know.
sjrcpa
Level 15
04-15-2021
12:31 PM
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If you already have it entered as a Schedule A itemized deduction I think the software will do its thing correctly.
The more I know the more I don’t know.
meilinyu-cpa
Level 1
04-15-2021
12:36 PM
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Thank you!
