bjscheel
Level 3
04-12-2024
02:19 PM
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Simple trust has foreign tax paid. I have filled out information and an 1116 prints. The trust doesn't have a tax liability so line 24 is $0. I have also filled in boxes in the K-1 overrides screen so the K-1 shows the amount as Total Foreign Taxes, but the General Info document still shows it carrying over to 2024 so I don't know if I've done everything I should.
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3 Comments 3
Accountant-Man
Level 13
04-20-2024
03:31 PM
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1) Why doesn't the trust have any tax liability?
2) Are you passing income out to the beneficiary? You have to in order to get the FTC out.
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bjscheel
Level 3
04-22-2024
11:42 AM
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Screen 9 looks helpful, what I ended up using was Screen 43 in the Foreign Taxes section which seemed to work to keep it from being carried over. Possibly both places would work.