Foreign income from all sources, line 3e form 1116

Forum|Forum|5 years ago
August 27, 2021
6 replies
57 views

I am getting several K-1s with foreign income from all sources, 16B. I believe that the correct entry in Lacerte is to go to screen 35.1 and in the general section under Gross Income from All Sources (A) I add this amount from 16B. This also occurs when I get a 1120-S K-1 on 14B where I need to enter the information on 14B from the 1120S K1 to the individual module.

Am I doing this correct as it ends up affecting line 3e on form 1116 for the individual return.

Thank you.

Joel

Lacerte Tax

This topic has been closed for replies.

Best answer by joshuabarksatlcs

if your foreign income (Line 16) on the partnership K-1 is part of the income in the taxable income lines (e.g. business income, rental income, etc.), the taxable income on the K-1 would be included on line 3e.

joshuabarksatlcs

Level 9

Why not enter the info in Screen 20 under Section 16?

What you entered on screen 35.1 would affect the foreign income percentage line f, but should not change line 3e.

I come here for kudos and IRonMaN's jokes.

J

jslandsonAuthor

Level 2

Hi, Thank you for your suggestion. On screen 20, section 16 there doesn't appear to be a place to put the information for B (gross income from all sources) so by making the adjustment to gross income in 35.1 I'm adjusting line 3e which then changes the percentage in 3f. Lacerte doesn't offer an option that I can see, except for 35.1, to adjust the percentage in 3f unless I use screen 35.1.

Where in section 16 do you suggest I enter the information for "B"?

Thank you, again, for your response.

Joel

joshuabarksatlcs

Level 9

What is "B"? Did you mean Column B on Form 1116?

I come here for kudos and IRonMaN's jokes.

Sign up

Login with SSO

Let's get you signed in

Login with SSO