How to enter foreign taxes paid on form 1120S in Lacerte

1. Go to Screen 27, Other Schedule K Items.
2. Locate the Foreign Transactions section.
3. Select the Foreign country from the drop down menu. (Schedule K, line 14a)

   

4. Complete all applicable information:
   • Gross income from all sources (Schedule K, line 14b)
   • Gross income sourced at shareholder level (Schedule K, line 14c)
   • Foreign Gross Income Sources at Corporate Level subsection (Schedule K, line 14d-14f)
   • Deductions Allocated & Apportioned at Shareholder Level subsection (Schedule K, line 14g-14h)
   • Deductions Allocated & Apportioned at Corporate Level subsection (Schedule K, line 14i-14k)
   • Foreign taxes paid (Schedule K, line 14l)

     

View the results on the Schedule K, Line 14a-q.

Verify the allocations to each shareholder on the Schedule K-1, box 14.

Note: The Lacerte program only allows input for one foreign country.  If the S Corporation had income from, or paid or accrued taxes to, more than one country or U.S. possession, a statement is required to be attached.  In order to correctly file the return, enter the aggregate amounts of all foreign transactions in Screen 27, Other Schedule K Items with the country as Various   Then manually create separate statements for the Schedule K (use Screen 39,Notes) and each Schedule K-1 (use Screen 34,Supplemental Info. (per S/H)).