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davelcpa
Level 2
October 7, 2022
Question

Where do you enter passive income overall foreign source loss in Lacerte?

  • October 7, 2022
  • 4 replies
  • 33 views
I have a new client and received workpapers that show they have  passive income  overall foreign source loss carryover.  Where does this get entered in Lacerete
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4 replies

sjrcpa
sjrcpa
Level 15
October 7, 2022

Where do you think it's relevant?

Foreign tax credit

Qualified Business Income Deduction

Passive Loss

163(j) limits

Something else

The more I know the more I don’t know.
    davelcpaAuthor
    Level 2
    October 7, 2022

    I would think Foreign tax credit

    sjrcpa
    sjrcpa
    Level 15
    October 7, 2022

    Apart from this, does client have foreign income and foreign tax paid or accrued?

    If no, fuggaboutit.

    If yes, poke around in the 1116 credits screen for an entry place.

    The more I know the more I don’t know.
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