Welcome back! Ask questions, get answers, and join our large community of tax professionals.
- Topics
- Training
- Community
- Product Help
- Industry Discussions
- User Groups
- Discover
- Resources
Turn on suggestions
Auto-suggest helps you quickly narrow down your search results by suggesting possible matches as you type.
Showing results for
- Intuit Accountants Community
- :
- ProSeries Tax
- :
- ProSeries Tax Discussions
- :
- Re: Foreign tax income on Schedule B worksheet
Foreign tax income on Schedule B worksheet
Options
- Mark Topic as New
- Mark Topic as Read
- Float this Topic for Current User
- Bookmark
- Subscribe
- Printer Friendly Page
linduca1216
Level 7
03-26-2022
04:24 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
When entering foreign income amount on the Schedule B worksheet, do you report ALL foreign dividend income or only the portion related to the foreign taxes paid?
I am getting a credit carryover when I show all foreign income. Am thinking I should all report that portion related to the foreign taxes paid to avoid this.
Thanks... Hope everyone is hanging on...(albeit by a thread..>)
Labels
2 Comments 2
rcherenson
Level 4
03-26-2022
07:30 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Only the foreign source income.
If the statement gives you foreign source income near the end of the brokerage statement, use that. Most brokerages provide. If not, (Schwab and a few others do not report it separately) use the dividend amount in 1(a).
linduca1216
Level 7
03-28-2022
09:08 AM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Yes, they do provide it. The question is should I use ALL foreign income (from all countries) or just the foreign income related to the foreign tax paid amount. I'm thinking if I only use the foreign tax for the country in question, the foreign tax paid will flow to 1040. As it is now, it doesn't. (because of the total amount is my guess)
