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Enter foreign interest, dividends, and taxes reported on Schedule K-1

Follow these steps to enter passthrough foreign interest, dividends, and taxes reported on Schedule K-1.
note
If you're completing Form 2555 and Form 1116, don't follow these steps. Follow the steps to prepare Form 1116 with Form 2555.
  1. Go to the 1116 screen in the K1 1065, 1120S folder.
    note
    If you're entering the foreign interest, dividend, or tax information for a Fiduciary K-1, go to the 1116 screen in the K1 1041 folder.
  2. Enter a description.
  3. In the Form 1116 - General Information section, select a
    Category of income
    , enter a
    Description of income for line 1a
    , and any other necessary information.
  4. Select the
    Country code/name
     in the Part I - Foreign Income/Loss section.
  5. Enter the
    Foreign gross income
     and any other necessary information.
  6. In the Parts II and III - Taxes Paid or Accrued and Adjustments section, enter the
    Date foreign taxes paid or accrued
     and the amount paid or accrued.
    important
    Amounts you enter in the
    In US dollars - taxes withheld on:
     fields will transfer to Form 1116, Part III to calculate the Foreign Tax Credit.
    note
    Line 3e of Form 1116, Part I, includes the total gross income from the return. If you're not including all of the Partnership or S-Corporation gross income on line 3e, use the
    Gross income from all sources
     field on the K1-4 screen to specify the gross income from the Partnership or S-Corporation.

This article applies to:

  • PRODUCT: UltraTax CS
  • Return type: 1040 Individual

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