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Entering Fiduciary Schedule K-1 line 14 code B in the Individual module of Lacerte

by Lacerte Tax 2023 Updated 5 months ago

The firm that prepared the Fiduciary Schedule K-1 should provide a statement for line 14, code B - Foreign Taxes, that includes details about the type of income, total foreign income, and taxes withheld.

Entering line 14, code B:

  1. Go to Screen 35, Foreign Tax Credit (1116).
  2. Locate the Income Form Sources Outside U.S. section. 
  3. Select the Name of foreign country from the drop down menu.
  4. Select the Category of income (Ctrl+T) from the drop down menu.
  5. Go to Screen 20, Passthrough K-1's.
  6. Click on the Estate or Trust from the left navigation panel.
  7. Scroll down to the Foreign Transactions section.
  8. Select the Form 1116 Name or Number from the drop down menu.
  9. Select the Name of Country from the drop down menu.
  10. Select the Category of Income (Ctrl+T) from the drop down menu.
  11. Enter the foreign gross income in, Partners Foreign Gross Income. 
  12. Enter the Foreign Tax Withheld (US Dollars).
  13. Enter the Date Paid or Accrued.
  14. Select the Type of Income Withheld On (Ctrl+T) from the drop down menu.

Adjustments for Form 1116 can be entered on Screen 35, Foreign Tax Credit.

The taxpayer may qualify for the election not to file Form 1116. Review the IRS instructions for Form 1116 and see Individual Electing not to File Form 1116 for more information.

Lacerte Tax

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