ProConnect Foreign Tax Credit Entry

Forum|Forum|3 years ago
February 21, 2023
1 reply
20 views

Re: 1099-DIV foreign tax, I cannot get the foreign source dividends to come out right on the 1116 and the corresponding statement for Line 1A. Using the adjustments I adjust out the non-foreign qualified dividends and non-foreign cap gains distributions. Those sections come out right and show on the statement accurately, however, non-foreign ordinary dividends still calculate in line 1A, making my foreign source income higher by the $ of non-foreign ordinary dividends. Please help! TIA!!

ProConnect Tax

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Best answer by George4Tacks

You should not need to make any adjustments, if you have clearly entered the amounts of Ord, Qual & CG dividends when you entered the 1099. You may not yet know that ProConnect uses a negative one (-1) to indicate a zero. For example CG dividend could likely be -1.

The prior comment was relevant, as we do not know your skill level and many users here are real novices. I guess you now are on our radar as one who asks good questions.

If you give more detail, I may be able to help you navigate this hard to navigate software.

sjrcpa

Level 15

Do you even need the 1116?

How much is the foreign tax.?

In the dividend input section, have you entered the amount of foreign divs and foreign qualified dives? You shouldn't have to do anything on the 1116.

The more I know the more I don’t know.

F

Fenway-cpaAuthor

Level 3

The 1099-Div information has been entered. I need foreign source income to show on 1116 correctly. I'm using the adjustments section on the 1116 credit entry screen. Yes, I need the form. That is irrelevant to my question.

PhoebeRoberts

Intuit Community Champion

The adjustments in the 1116 screen don't work intuitively. I only use them if I already know what the qualified dividend adjustment is, and then I trial-and-error until my output looks right.

The adjustments in the Div screen, where you override the ordinary / Qdiv / cap gain right above the FTC input, work great.

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