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Level 7
March 6, 2022
Question

Foreign Tax ($228) paid by trust

Is there a way to credit the trust with $228 directly (since it's under $300) the way an individual does? Or is Form 1116 mandatory?

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3 replies

GretaAuthor
Level 7
March 6, 2022

Continued question: Is there a way to credit the $228 foreign tax to the beneficiary via a K-1. She is getting the dividends after all.

Level 6
March 6, 2022

It is mandatory

GretaAuthor
Level 7
March 6, 2022

I'm unable to manage Form 1116. Foreign tax is just on dividends. Line 3b that software entered the beneficiary's K-1 portion glows red. Line 8 I entered date, tax on dividends in US currency, nothing happened, zero is result.