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Foreign

More information on foreign capital gains and losses

Foreign capital gain adjustments on the foreign capital gain or loss worksheets adjust the foreign gross income amount on Form 1116, line 1a.
Foreign qualified dividends in the
Foreign qualified dividends
 field in the
1116
 screen are a portion of the ordinary dividends in the gross income on Form 1116, line 1a. Amounts in the
Foreign short-term capital gain/loss
 and
Foreign long-term capital gain/loss
 fields in the
1116
 screen are part of the foreign capital gain or loss worksheet calculations. 
note
The capital loss limitation is $3,000 ($1,500 for married filing separately). If the total foreign capital losses on all windows for Form 1116 is more than this, you may need to make adjustments. Total foreign capital gains or U.S. capital gains could bring the foreign losses down to the allowed limit. Adjust the foreign capital losses on the 1116 screen if necessary.

This article applies to:

  • PRODUCT: UltraTax CS
  • Return type: 1040 Individual
  • Subject: Foreign income

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