Welcome back! Ask questions, get answers, and join our large community of tax professionals.
cancel
Showing results for 
Search instead for 
Did you mean: 

Lacerte showing all cap gains (fiduciary return) as foreign?

I'm a newbie at using the Fiduciary module and am basing my understanding on how data entry works in the Individual module.  I am doing a very very simple trust return with a 1099-B. It has ordinary and qualified dividends (totaling about $20,000 each) and capital gain distributions of $60,000. Just $5,000 of the dividends are from a foreign source, and I have entered that info in the "foreign tax" section of screen 16 along with the tax paid of $30. I have not indicated anywhere else that any other portion of the income is from a foreign source.

My problem is that when I look at the forms, all of the capital gains are listed as foreign capital gains, both on line 1a of the 1116 and on the supporting worksheet. There is no number at all in the "percentage or amount, if different - capital gains" line on screen 16. The trust has $5,000 of foreign source income, not $65,000.  Neither I nor my co-workers know why this is happening, and in the individual module if there's no number in that line it doesn't somehow assign all the capital gains entered up top as foreign. Does the fiduciary module just work differently and I've entered something incorrectly/incompletely, or is this a bug?

0 Cheers
1 Comment 1
sjrcpa
Level 15

Enter -1 for zero in the "percentage or amount, if different - capital gains" line on screen 16"

The more I know, the more I don't know.