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Common questions for Fiduciary Dividend Income in Lacerte

by Intuit Updated 1 year ago
  1. Open Screen 16, Dividend Income.
  2. Enter the Name of Payer.
  3. Enter the Ordinary Dividends.
  4. Enter the Capital Gain Distributions.
  5. Enter the portion of the capital gain distribution that is taxed at the 28% rate in 28% Rate Gain (2d).
  6. Enter the amount of Section 1202 capital gain in Section 1202 Gain (2c).
  7. Enter the portion of the capital gain distribution that represents unrecaptured Section 1250 gain in Unrecaptured Section 1250 Gain (2c).

Note: A statement detailing the amount and source of capital gain distributions prints based on the entry in the user option, Interest/Dividends/Capital Gain Distributions Statements or Screen 4, Print Interest, Dividend and Capital Gain Distribution Statement: 1 =No, 2=With the tax return, 3=With worksheets

  1. Open Screen 36, Foreign Tax Credit (1116).
  2. Enter Name of Foreign Country.
  3. Click the arrow beside Category of Income (Ctrl+T) and select a category of income.
  4. Make a note of the number assigned to the foreign activity in the Country list.
  5. Open Screen 16, Dividend Income.
  6. Enter the Name of Payer.
  7. Enter the dividend amount in Ordinary dividends (1).
  8. Enter the foreign activity number in Number of Form 1116.
  9. Enter the percentage (.xxxx) or amount of foreign dividends if the amount is different from the total entered in step 7 in Percentage Foreign (.xxxx) or Amount, if different. You may do the same for qualified dividends and capital gain distributions.
  10. (Optional) Enter the foreign income tax withheld in foreign currency in Foreign Income Tax Withheld (Foreign Currency).
  11. Enter the Foreign Income Tax Withheld in (U.S. dollars).
  12. Enter the date foreign taxes were withheld in Date Paid or Accrued.
  1. Open Screen 16, Dividend Income.
  2. Enter the Name of Payer.
  3. Enter the Ordinary Dividends.
  4. Enter the percentage (.xx) or amount of U.S. Bond interest included in Ordinary Dividends for the payer in U.S. Bonds (nontaxable to state) (% or Amount). An entry of 1=100%. If you need to make an entry of $1, enter 1.1
Lacerte Tax 2023

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