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Processing options

Foreign tax credit

When creating a binder, you can enable this option to only export foreign income if it exceeds the IRS defined limits.
note
This option doesn't apply to 1041 binder type.
Follow these steps if you want to only export foreign income if it exceeds the IRS defined limit:
  1. Initiate creating a new binder.
  2. On the
    Create New Binder
     window, select the
    Processing Options
     tab.
    PROCESSING OPTIONS settings
  3. Select
    Tax Return
    .
    Select Tax Return
  4. Scroll down until you reach the
    Foreign Tax Credit
    section. If you want to export foreign income only when the foreign taxes paid exceed IRS defined limits ($300 Single or $600 Married Filed Jointly), select the
    Export foreign income only when the foreign taxes paid exceed the IRS defined limits
     checkbox.
    Select the "Export foreign income only when the foreign taxes paid exceed the IRS defined limits" checkbox
By default, this setting will match that chosen in 
Admin
Tax Return
Foreign Tax Credit
. You can make changes here for this particular return. This setting will override the one made in 
Admin
.
View detailed explanation on 'Foreign Tax Credit'

This article applies to:

  • PRODUCT: SurePrep

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