I get so many "suggestions" when it comes to foreign tax credit. One is "when" was the tax paid? Consolidated 1099's don't say "when" the tax was paid.

[sjrcpa · Accepted solution]

Use 12/31/22

[BobKamman]

February 25, the anniversary of the 16th Amendment. 

And we didn't even celebrate it this year  . . .

[IRonMaN]

Most of the 1099s I see show the date paid ----------------- if you look for it.  But I don't tend to look for it and use the suggested 12/31 date.  I left off the year for when somebody looks at this next year or the year after or the year after that.  You just know someone two years from now is going to see this and wonder why 12/31/22 doesn't work on a 2024 tax return. 😬

[abctax55]

12/31/22 doesn't work on a 2024 tax return.

Someone's been around here a long time (or, too long ?)

[IRonMaN]

Are you calling me old? 😃

[cakeen]

I will use 12/31/22 for this year. Thanks much.  Once other "suggestion" I get is "Taxpayer received either foreign source qualified dividends and/or foreign source capital gain distributions. No adjustment was made to these amounts as the taxpayer qualified for the adjustment exception."

I get that suggestion EVEN when the foreign credit fully comes through to line 20 on the 1040.

Any thoughts on why it appears I don't have this entered correctly?

[sjrcpa]

"the adjustment exception" is explained somewhere in the 1116 instructions. Have fun reading.