Welcome back! Ask questions, get answers, and join our large community of tax professionals.
cancel
Showing results for 
Search instead for 
Did you mean: 

Why do "Foreign taxes from Sch K-1" import into 1040 Schedule A, Line 6?

davetodd11
Level 5

1/5/22: Somehow my original post got cut off.  Below are all of the details of this issue with screenshots:

I have two 1065 K-1s and one 1099-DIV with foreign taxes paid ($4,583, $1, and $3, respectively).  I have all linked to Form 1116 on the K-1 and Schedule B Additional Info worksheets as follows:

K-1 Addl Info.pngSch B Addl Info.png

Although the foreign taxes paid do show up on the Form 1116, I'm also seeing some of a completely different amount on the Schedule A that indicates it is pulling the data from the K-1s:

Sch A.png

Cross-referencing the source of Schedule A, Line 6 shows the following:

Cross-reference.png

Resolved: While I thought the foreign taxes from the 1065 K-1s and 1099-DIV were all that I entered into the return, I discovered that there was foreign taxes on some 1041 K-1s that I had overlooked.  On the worksheets for those, I had neglected to link the Form 1116 and had checked the box indicating the election of a Schedule A deduction.  Remedying these resolved the issue with the Schedule A and properly added the taxes to the Form 1116.

1 Solution

Accepted Solutions
jeffmcpa2010
Level 11

On the additional information page for Dividend input Section F

Line 3 has a box "Report on schedule A"

Under box 16 of the K-1 input quickzoom to the additional information section

Under code P.Q line 2 you have a choice to choose a credit or deduction.

Check those inputs and see how they are set.

View solution in original post

4 Comments 4
jeffmcpa2010
Level 11

On the additional information page for Dividend input Section F

Line 3 has a box "Report on schedule A"

Under box 16 of the K-1 input quickzoom to the additional information section

Under code P.Q line 2 you have a choice to choose a credit or deduction.

Check those inputs and see how they are set.

davetodd11
Level 5

Yes, I did verify all of those were correct.  I had all that noted in my original post, but I see that that somehow got cut off.  I had about 3 paragraphs of detail when I posted it.

0 Cheers
jeffmcpa2010
Level 11

Sorry

That was my only idea of what to check.

davetodd11
Level 5

I had neglected to mention three 1041 K-1s that I had entered, had not linked the foreign taxes to the 1116 and the Sch. A deduction election box was checked.  I had forgotten that those had foreign taxes on them.