Form 1118 option for Foreign Tax Credit or Intl Foreign Tax Credit

Remove data from incorrect locations

If the domestic
Foreign Tax Credit
will be populated, in
Organizer
General Information
Return and Print Options
Federal Deactivation
tab under
International
, select
Delete International Form 1118
and
Delete International Transfer
in the divisional consolidations, parent, subsidiaries, subconsolidations, and top consolidation.
If the
Intl Foreign Tax Credit
will be populated, in
Organizer
Foreign Information
Foreign Tax Credit
Deactivation
under
Deactivation Form 1118
, mark the
To deactivate Form 1118
checkbox in the top consolidation, subconsolidations, divisional consolidations, parent, subsidiaries, and divisions.
Compute
in the
Organizer
.
Deselect
To deactivate Form 1118
.
Then, in the top consolidation under
Foreign Tax Credit
International Compute
TIBS, FTC
tab, mark the
Transfer to US1118
checkbox, then
Compute
.
In
Tax Forms
Federal
1118 – Foreign Tax Credit
, in the specific category of income in the specific schedule, select
See Detail
to display the workpapers.
Right-click and select
Clear Override
on each amount with an override indicator of a red or blue circle.
Alternatively, in
Organizer
Foreign Information
Intl Foreign Tax Credit
Adding Income Basket and Country
Clear Overrides
tab, or in
Foreign Information
Foreign Tax Credit
Deactivation
Delete Data Entered Directly on the Tax Form
, select
Delete Data Entered Directly on the Tax Form
, then select the following in the members and consolidations:
Clear Passive Schedule A Overrides
Clear Passive Schedule B Overrides
Clear General Schedule A Overrides
Clear General Schedule B Overrides
Schedule K
and
Schedule L
are populated in the top consolidation and should be blank in the members.
Organizer Compute Full Recompute
any changed members.
Organizer Consolidate
any changed consolidations or consolidations with changed members, beginning at the divisional consolidations, then subconsolidations, then the top consolidation.