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Deductions

Claim a deduction for foreign taxes

You have the following options for claiming a deduction for foreign taxes.

Option 1

  1. Go to the
    Deduct
     screen in the
    Deductions
     folder.
  2. Enter the amount of foreign taxes paid in the statement window for the
    Taxes, not entered elsewhere
     field.
    note
    Don't enter information on the
    1116
     screen in the K1 1065 & 1120S folder, or enter foreign tax paid information in the statement window for the
    Interest income
     field or the statement window for the
    Dividends
     field on the
    Income
     screen in the
    Income
     folder.

Option 2

  1. Go to the
    Income
     screen in the
    Income
     folder.
  2. Enter the amount of foreign taxes paid in the statement window for the
    Interest income
     field or in the statement window for the
    Dividends
     field.
  3. Go to the
    OthCr
     screen in the
    Credits
     folder.
  4. Enter
    X
     in the
    Report all foreign tax as a deduction
     checkbox in the Form 1116 - Foreign Tax Credits section.

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