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- Cannot Make Foreign Tax Credit Work Correctly
Cannot Make Foreign Tax Credit Work Correctly
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msindc1
Level 4
04-15-2024
03:45 PM
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Folks:
I am having difficulty with the foreign tax credit.
Am I correct in believing that line 1a and line 3d should usually (often?) be the same amount? They are both asking for the same information--gross income from the foreign country.
More importantly, my 3d worksheet totals $3,630 (the same as line 1a) but the line 3d entry is $3,160! Shouldn't the entry on line 3d be the same as the calculated amount on the worksheet?!
Micah
To calculate the credit you need to tell Lacerte the percentage (or amount) of dividend income that is foreign-source. But whatever I enter, I end up with different numbers on the Form 1116 on lines 1a and 3d.
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