ProConnect Foreign Tax Credit Entry

[Fenway-cpa]

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!!

[sjrcpa]

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.

[Fenway-cpa]

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]

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.

[Fenway-cpa]

Hi.  OK, I'm trying to use the adjustments on the div input screen.  Again, qualified divs and cap gain dist. work fine.  It's the ordinary divs, I'm having the problem with.  When i look at the statement, the first Item is Dividends with a # that isn't a number from any of my input.  I need ordinary foreign dividends to be zero...  I've wasted so much time.... Thank you!

[George4Tacks · Accepted solution]

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. 

[PhoebeRoberts]

The first line (which you're calling ordinary) is the total of ordinary and qualified. If all your foreign divs are qualified, the first two numbers should be identical.

[Fenway-cpa]

Hi. It wasn’t that #…. I’m done for the night so I’ll go back to it tomorrow, but thank you for your help!!

[Fenway-cpa]

It’s the -1!!!   I forgot about that!  I was entering zero.  Thank you so much!!