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:
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:
Cross-referencing the source of Schedule A, Line 6 shows the following:
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.
Best Answer Click here
This discussion has been locked. No new contributions can be made. You may start a new discussion here
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.
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.
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.
Sorry
That was my only idea of what to check.
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.
You have clicked a link to a site outside of the Intuit Accountants Community. By clicking "Continue", you will leave the community and be taken to that site instead.