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Automatic transfer of tax adjustments

Income inclusion amounts get recorded in the appropriate FTC return through tax adjustments.

Select Federal, Accounts and Adjustments
.

Select the Year
of the chart.

Select the chart, then Adjustments
.

Select the Chart of Tax Adjustments
and open it for editing.

Select the Income Inclusion
entry by selecting the header row, then Edit
. If you don't have any entries in your tax chart, you must create new entries.

Select the adjustment entry.

note

Federal Accounts in International Transfer Adjustments must be cross referenced to international summary accounts. Both federal and international accounts should only be populated by the automatic transfer.

Select Int'l Transfer
.

note

When this option's selected, you can't manually enter the adjustment.

Select Save
, then Always
.

Repeat steps 5 through 8 for each entry you want to setup for automatic transfer. If existing adjustments don't include all the income inclusion items desired for transfer, create additional adjustments.

Once finished setting up all income inclusion adjustments for international transfer, return to the Binder list.

Sample chart changes for 1120 returns

Chart of tax combination codes
TRC number	TCC number	TCC description
11-300	900	Investment in CFCs
31-161	110	Section 245A Dividends from CFCs
31-165	110	Dividend Income from CFC
31-166	965	Section 965 Dividend Income
31-170	101	CFC Intercompany Income - Dividend
31-170	110	Income from CFC under Subpart F
31-171	100	CFC GILTI
31-175	100	Gross-Up on GILTI from CFCs
31-175	110	Gross-up on Foreign Dividends
31-175	120	Gross-up on Subpart F
31-175	965	Gross-up on Section 965 Dividend Income
31-380	190	Look-Through Interest Income Transfer
31-387	101	Section 986 PTEP Exchange Gain
31-420	190	Look-Through Rent Income Transfer
31-520	190	Look-Through Royalty Income Transfer
60-142	110	Foreign Dividend Gross-up Transfer
60-144	100	PTEP Distribution Exchange Gain
60-150	100	GILTI
60-150	112	Subpart F Income
60-150	155	Intercompany Dividend Income
60-150	190	Look-Through Interest Income Transfer
60-150	192	Look-Through Rent Income Transfer
60-150	195	Look-Through Royalty Income Transfer
60-150	245	Section 245A Dividends
60-150	965	Section 965 Dividend Income
60-544	100	PTEP Distribution Exchange Loss

Federal chart of accounts
Account number	Account description	TRC number	TCC number
245AIT	Section 245A Dividends Transfer	31-161	110
965CASHGUIT	Gross-up on Section 965 Dividend Income: Cash Transfer	31-175	965
965CASHIT	Section 965 Dividend Income: Cash Transfer	31-166	965
965NONCASHGUIT	Gross-up on Section 965 Dividend Income: Noncash	31-175	965
965NONCASHIT	Section 965 Dividend Income: Noncash Transfer	31-166	965
TAX11-300.900IT	Investment in CFCs	11-300	900
TAX31-165IT	Dividend Income Transfer	31-165	110
TAX31-170IT	Subpart F Income Transfer	31-170	110
TAX31-171IT	GILTI Inclusion Transfer	31-171	100
TAX31-175.100IT	Gross-Up on GILTI Transfer	31-175	100
TAX31-175.110IT	Gross up on Taxable Dividends Transfer	31-175	110
TAX31-175.120IT	Gross up on Subpart F Income Transfer	31-175	120
TAX31-380IT	Look-Through Interest Income Transfer	31-380	190
TAX31-387IT	Section 986 PTEP Distribution Exchange Gain (Loss) Transfer	31-387	101
TAX31-420IT	Look-Through Rent Income Transfer	31-420	190
TAX31-520IT	Look-Through Royalty Income Transfer	31-520	190

Chart of tax adjustments
Adj type	Adj number	Adjustment name	Debit TRC	Debit TCC	Credit TRC	Credit TCC	Special Ind	Account numbers
M	101I	Section 78 Gross Up on Taxable Dividends Transfer	60-142	110	60-142	110	I	TAX11-300.900IT TAX31-175.110IT
M	102I	Subpart F Income Transfer	60-150	112	60-150	112	I	TAX11-300.900IT TAX31-170IT
M	103I	GILTI Inclusion Transfer	60-150	100	60-150	100	I	TAX11-300.900IT TAX31-171IT
M	104I	Gross-Up on GILTI Transfer	60-142	110	60-142	110	I	TAX11-300.900IT TAX31-175.100IT
M	105I	Section 986 PTEP Distribution Exchange Gain (Loss) Transfer	60-144	100	60-544	100	I	TAX11-300.900IT TAX31-387IT
M	106I	Taxable Dividends Transfer	60-150	155	60-150	155	I	TAX11-300.900IT TAX31-165IT
M	107I	Look-Through Interest Income Transfer	60-150	190	60-150	190	I	TAX11-300.900IT TAX31-380IT
M	108I	Look-Through Rent Income Transfer	60-150	192	60-150	192	I	TAX11-300.900IT TAX31-420IT
M	109I	Look-Through Royalty Income Transfer	60-150	195	60-150	195	I	TAX11-300.900IT TAX31-520IT
M	245A	Section 245A Dividends Transfer	60-150	245	60-150	245	I	245AIT TAX11-300.900IT
M	965CASH	Section 965 Dividend Income: Cash Transfer	60-150	965	60-150	965	I	965CASHIT TAX11-300.900IT
M	965CASHGU	Gross-up on Section 965 Dividend Income: Cash Transfer	60-142	101	60-142	101	I	965CASHGUIT TAX11-300.900IT
M	965NCGU	Gross-up on Section 965 Dividend Income: Noncash Transfer	60-142	101	60-142	101	I	965NONCASHGUIT TAX11-300.900IT
M	965NONCASH	Section 965 Dividend Income: Noncash Transfer	60-150	965	60-150	965	I	965NONCASHIT TAX11-300.900IT

International summary accounts chart
Account number	Description	Account type	Account description	SIC code
TAX31-161IT	Section 245A Foreign Dividend Transfer	1007	Dividends: Foreign - 100% Deduction (245A) (FTC 2018 and later)	N/A
TAX31-165IT	Dividend Income Transfer	1001	Dividends: Foreign	N/A
TAX31-166.965CASHIT	Section 965 Dividend Income: Cash Transfer	1025	Section 965 Dividend Income: Cash (2017 & 2018 FTC)	N/A
TAX31-166.965NONCASHIT	Section 965 Dividend Income: Noncash Transfer	1026	Section 965 Dividend Income: Noncash (2017 & 2018 FTC)	N/A
TAX31-170IT	Subpart F Income Transfer	1020	Subpart F Dividends	N/A
TAX31-171.100IT	GILTI Transfer	1027	Section 951A GILTI Income (FTC 2018 and later)	N/A
TAX31-175.110IT	Gross-up on Taxable Dividends Transfer	1070	Subpart F Dividends: Sec 78 Gross-Up	N/A
TAX31-175.120IT	Gross-up on Subpart F Transfer	1050	Dividends: Sec 78 Gross-Up	N/A
TAX31-175.100IT	Gross-up on GILTI Transfer	1077	Gross-Up on Section 951A GILTI (FTC 2018 and later)	N/A
TAX31-175.965CASHIT	Gross-up on Sec 965 Dividend Income: Cash Transfer	1075	Gross-up on Sec 965 Dividend Income: Cash (2017 & 2018 FTC)	N/A
TAX31-175.965NONCASHIT	Gross-up on Sec 965 Dividend Income: Noncash Transfer	1076	Gross-up on Sec 965 Dividend Income: Noncash (2017 & 2018 FTC)	N/A
TAX31-180IT	Look-Through Interest Income Transfer	1100	Gross Interest	N/A
TAX31-387.101IT	PTI Exchange Gain (Loss) Transfer	1410	PTI Exchange Gain	N/A
TAX31-420IT	Look-Through Rental Income Transfer	1150	Gross Rents	N/A
TAX31-520IT	Look-Through Royalty Income Transfer	1200	Gross Royalties/License Fees - By SIC Code	999

International chart of accounts cross reference
Federal account number	International account number
TAX31-165IT	TAX31-165IT
TAX31-170IT	TAX31-170IT
TAX31-175.110IT	TAX31-175.110IT
TAX31-175.120IT	TAX31-175.120IT
965NONCASHGUIT	TAX31-175.965NONCASHIT
965CASHGUIT	TAX31-175.965CASHIT
965NONCASHIT	TAX31-166.965NONCASHIT
965CASHIT	TAX31-166.965CASHIT
TAX31-171IT	TAX31-171.100IT
TAX31-175.100IT	TAX31-175.100IT
245AIT	TAX31-161IT
TAX31-387IT	TAX31-387.101IT
TAX31-380IT	TAX31-180IT
TAX31-420IT	TAX31-420IT
TAX31-520IT	TAX31-520IT

Inclusion transfer mapping chart
Tax adjustment number	Federal account number	Inclusion item
101I	TAX31-175.110IT	3 - Gross-Up on Subpart F 4 - Gross-Up on IUSP 6 - Gross-Up on Taxable Dividends 8 - Gross-up on PTI Distributions
102I	TAX31-170IT	1 - Subpart F Inclusions 2 - Investment In US Prop Inclusions
103I	TAX31-171IT	14 - GILTI Inclusions
104I	TAX31-175.100IT	15 - Gross-Up on GILTI
105I	TAX31-387IT	12 - PTI Exchange Gain\Loss
106I	TAX31-165IT	5 - Taxable Dividends
107I	TAX31-380IT	9 - Look-Through Interest Income
108I	TAX31-420IT	10 - Look-Through Rent Income
109I	TAX31-520IT	11 - Look-Through Royalty Income
245A	245AIT	23 - Section 245A Dividends
965CASH	965CASHIT	17 - Section 965 Repatriation Inclusion (Cash)
965CASHGU	965CASHGUIT	21 - Gross-Up on Section 965 Repatriation (Cash)
965NCGU	965NONCASHGUIT	22 - Gross-Up on Section 965 Repatriation (Noncash)
965NONCASH	965NONCASHIT	18 - Section 965 Repatriation Inclusion (Noncash)

This article applies to:

PRODUCT: ONESOURCE Income Tax
Return type: international

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Automatic transfer of tax adjustments

This article applies to: