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See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProSeries Hot Topics.
See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProSeries Hot Topics.
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High tax kick-out
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DCI
Level 3
06-26-2020
08:23 AM
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After subtracting taxes reclassified under high kick out, how are these to be entered onto Form 1116 General so that they appear on Line 13 of Form 1116 General? If I insert the tax into 1116 General worksheet, the tax flows onto Line 11 rather than line 13. If I attempt to manually insert the tax onto line 13 of the Form 1116 (not the worksheet) it accepts the tax but does not provide any credit for the tax.
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MELEA
Level 1
06-26-2020
03:23 PM
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Working on 2017 amendment in ProSeries for a return with this same situation. The original return shows a second column country entered on both 1116 forms. On the Passive, the second column for HTKO has negative amounts. On the General, the second column has HTKO with the income added back. I'm not far enough into the return to see if ProSeries likes it.
