Screen 965 - Deferred Foreign Income (1040)

Use this screen to report 965 inclusion amounts on Form 965 and related schedules as required by section 965. To report payment and installment information on Form 965-A, use Screen 965-A in the Taxes folder. Only amounts for a 2018 inclusion year will flow to Form 1040. Amounts for a 2017 inclusion year report only on Form 965 and don't flow to Form 1040.
The IRS Q&A for Section 965 provides additional information about section 965 reporting requirements, such as the following:
  • How to report section 965(h) installment election amounts for elections made on a 2017 tax return.
  • Which forms to file on the 2018 tax return when income is reported under section 965 for either 2017 or 2018.
  • How estimated tax payments and withholding for 2018 are applied to regular and section 965 tax liability.
  • The requirement to pay any calculated section 965 liability separate from any regular tax liability.
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