Intuit HelpIntuit
How to enter foreign taxes paid on form 1120S in Lacerte
by Intuit• Updated 3 months ago
Starting in tax year 2021 the IRS updated the Schedule K-1 to include Schedule K-2 and Schedule K-3 to show International Transactions. This K-2 replaces the inputs prior tax years. See Generating the Schedules K-2 and K-3 in Lacerte for information on completing these new Schedules.
Follow these steps to enter foreign taxes for Schedule K, line 16f:
- Go to Screen 27, Other Schedule K Items.
- Scroll down to the Items Affecting Shareholder Basis section.
- Enter the amount of Foreign taxes paid or accrued.
Sign in now for personalized help
Ask questions, get answers, and join our large community of Intuit Accountants users.
More like this
- How to enter foreign taxes paid on form 1120S in ProConnect Taxby Intuit•Updated over 1 year ago
- Entering income for the Foreign Tax Credit Form 1116 in ProSeriesby Intuit•59•Updated September 17, 2024
- How to enter K-1 foreign taxes on a 1040 in ProConnect Taxby Intuit•11•Updated July 15, 2024
- Manually generating Form 1116, Foreign Tax Credit in ProConnect Taxby Intuit•18•Updated August 07, 2024