Foreign tax credit
Follow these steps to configure Foreign Tax Credit options.
note
This option isn't applicable for 1041 binders.
- Go toFileRoom>Admin>Tax Return.
- On the location dropdown, select the office location. The tax return option changes will apply to the selected office location.noteWhen selecting tax return options, if no office location is selected then the blank location (first option) settings will be used by default. Any new office location added will inherit the blank location settings.
- Go to theForeign Tax Creditsection.
- If you want to export foreign income only when the foreign taxes paid exceed IRS defined limits ($300 or $600 Married Filing Jointly), mark theExport foreign income only when the foreign taxes paid exceeds the IRS defined limitscheckbox.
If the checkbox is marked and the foreign taxes paid don't exceed the IRS defined limits, the foreign taxes are exported without the related foreign income. Leave this checkbox unmarked if you want all foreign income to export to your tax software.
Foreign Tax Credit
options selected in Account Admin
will become the default settings for all new binders. However, when creating a new binder, you can select different settings for that particular binder if desired. Settings selected on the Create New Binder
window override the default settings selected in Account Admin
. note
In SPbinder, you can click the 
to check which tax return options were applied to the binder when it was created.
Binder Information
icon to check which tax return options were applied to the binder when it was created. Related Content
-
Tax Return options overview
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