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

davelcpa
Level 1
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 Comments 4
sjrcpa
Level 15

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.
davelcpa
Level 1

I would think Foreign tax credit

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sjrcpa
Level 15

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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davelcpa
Level 1

Thanks.  I think I found it at the bottom of the Deduction and Losses section of the credit screen.

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