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

by Intuit Updated 8 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 Input Return Credits Foreign Tax Credit (1116)  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 (Click on arrow to select from list)
  5. Go to Input Return Income Passthrough K-1's Estate or Trust Info (1041 K-1)
  6. Select the Lines 9-14 tab
  7. Scroll to Foreign Transactions Foreign tax withheld (foreign currency) (Click on button to expand) click the + to expand 
  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 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 from the drop down menu.

Adjustments for Form 1116 can be entered on Input Return Credits Foreign Tax Credit.

ProConnect Tax

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