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Form 1118, Foreign Tax Credit - Corporations

Create a transfer mapping chart

This chart maps the income inclusion items to the income statement accounts which you previously marked for international transfer.
note
Under
Unassigned Income or Expense
, item
16 Section 245A Dividend Received Deduction
, item
19 Section 965 Dividend Received Deduction (Cash)
, and item
20 965 Dividend Received Deduction (Noncash)
 populate on the Foreign Income Inclusion report. However, since dividend received deductions are calculated in the Organizer and don’t have a TRC for a federal account, dividend received deductions can't be mapped to transfer.
  1. Select
    Charts
    ,
    International
    , then
    8865 K-1 Transfer Mapping
    .
  2. Enter a name for the new chart.
    note
    You can create multiple transfer mapping charts to map income inclusion items differently on returns.
  3. Verify the correct year's selected, and select the
    Federal Chart of Accounts and Tax Adjustment Chart
    .
  4. Select
    Save
    , then
    OK
    .
  5. Select
    Close
    .
  6. Open the new transfer mapping chart to edit.
  7. Select each income inclusion item and drag it to the correct income statement account.
  8. We recommend you have specific accounts in the federal chart for each type of inclusion even though you can map multiple income inclusion items to the same account in one or more tax adjustments. Don't use them for any other purpose or have opening balances.
  9. Select
    Save
    , then
    Close
    .

This article applies to:

  • PRODUCT: ONESOURCE Income Tax
  • Return type: 1120 Corporation,1065 Partnership

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