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Common questions for Fiduciary Dividend Income in ProConnect Tax

Enter capital gain dividend distributions?

Go to Input Return ⮕ Income ⮕ Dividend Income.
Enter the Name of Payer.
Enter the Ordinary Dividends.
Enter the Capital Gain Distributions.
Enter the portion of the capital gain distribution that is taxed at the 28% rate in 28% Collectibles Rate Gain (2d).
Enter the amount of Section 1202 capital gain in Section 1202 Gain (2c).
Enter the portion of the capital gain distribution that represents unrecaptured Section 1250 gain in Unrecaptured Section 1250 Gain (2b).

Enter foreign tax credit for dividend income?

Go to Input Return ⮕ Credits ⮕ Foreign Tax Credit (1116)
Enter Name of Foreign Country.
Under Category of Income select a category of income.
Make a note of the number assigned to the foreign activity in the Country list.
Go to the Income tab.
Select Dividend Income.
Enter the Name of Payer.
Enter the dividend amount in Ordinary dividends (1).
Enter the foreign activity number in Number of Form 1116.
Enter the percentage (.xxxx) or amount of foreign dividends if the amount is different enter it in Percentage Foreign (.xxxx) or Amount, if different. You may do the same for qualified dividends and capital gain distributions.
(Optional) Enter the foreign income tax withheld in foreign currency in Foreign Income Tax Withheld (Foreign Currency).
Enter the Foreign Income Tax Withheld in (U.S. dollars).
Enter the date foreign taxes were withheld in Date Paid or Accrued.

Enter US government income dividend?

Go to Input Return ⮕ Income ⮕ Dividend Income.
Enter the Name of Payer.
Enter the Ordinary Dividends.
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

ProConnect Tax

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