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Federal input screens

Screen K2USOnly – Foreign Tax Credit Limitation – US Source Only (1120)

Overview

The application automatically transfers data from Form 1120-S to the U.S. source column on Schedule K-2, Part II, and Schedule K-2, Part III, Section 2, Line 1 when you enter
X
 in the
Complete Schedule K-2 and K-3 when S Corporation has no foreign activity
 field in Screen K2 in the Schedule K-2 folder.
Use this screen to change the amounts used to automatically complete the U.S. source column on Schedule K-2. Fields denoted with an asterisk (*) default to the program calculated amount on Form 1120-S, page 1, or Schedule K. Enter an amount, including zero, to change the amount used to populate the U.S. source column on Schedule K-2.
Fields that are blank and not denoted with an asterisk, cannot be determined based on the input in other areas of the program. Enter data in these fields if applicable.
The amounts used to complete the U.S. source column on Schedule K-2 is displayed on the Schedule K-2 Worksheet.
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