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See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View Lacerte Hot Topics.
See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View Lacerte Hot Topics.
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- C-corp rec'd K-1, dividends and foreign tax paid
C-corp rec'd K-1, dividends and foreign tax paid
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Charper1841
Level 2
10-03-2023
02:58 PM
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I need some help on entry of a K-1 a C-corp received. I have a couple boxes that I can't figure out where to enter. The first is dividends (boxes 6a and 6b) and the other is foreign taxes paid (box 21). If I try to enter these outside of the K-1 screen, my retained earnings and net income are incorrect.
Thanks for the help!
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Karl
Level 8
10-03-2023
03:32 PM
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I don't regularly do C-Corps, but I tried to nose around and find some info on this for you. Can you provide more info on what screens you've tried to input this on so I or others can better weigh in? I assume you've tried the various inputs on Screens 18 & 30?
*If this (or another answer/reply) solves your problem, please click "Accept as Solution" to get this post out of the "Unanswered" queue of posts.*
Charper1841
Level 2
10-03-2023
03:39 PM
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Thanks for the reply! I've entered the K-1 in screen 16...but you can see that there are no places to enter Box 6a and 6b or Box 21. I then thought maybe you enter the dividends in screen 13 and the foreign taxes in screen 30...but I don't have sufficient information to fill out where the foreign tax income came from on the K-1. Neither of those screens will affect retained earnings and the foreign tax credit doesn't affect the net income...which is leaving both of them out of balance.
