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Data entry

Enter foreign tax credit or deduction

You can enter the foreign tax credit or the foreign tax deduction. Don’t enter both amounts.

Enter the foreign tax credit

Enter the credit for taxes imposed by foreign countries and U.S. possessions per IRC (Internal Revenue Code) Sec 27 for purposes of the regular tax in the
Credits
,
Other Credits
 tab,
Foreign tax credit
field. Enter the amount after all limitations except the tax liability limitation. The credit will automatically be limited by tax liability in the
Allowed Foreign Tax Credit
 field.

Enter the foreign tax deduction

Enter the amount of foreign taxes paid in the
Deductions
,
Deductions Pg 1
 tab
Foreign taxes
 field.

This article applies to:

  • PRODUCT: Planner CS