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This article applies to:

  • Product: UltraTax CS
  • Return type: 1040 Individual
  • Subject: Credits

Enter foreign source income not reported on a W-2

Follow these steps to enter foreign source income not reported on Form W-2, but considered wages or salaries.
  1. Go to the
    FEC
     screen in the
    Income
     folder.
  2. Enter the
    Foreign Employer Identification (ID) number
     and the
    Foreign Employer Name
    . If no FEIN exists, you can leave this field blank.
  3. Enter the address information in the Form FEC - General Information section.
  4. Enter the
    Foreign employer compensation
     in the Form FEC - Income section.
  5. Select
    Form 2555 allocation code
     from the dropdown.
  6. Follow these steps to generate Form 1116 and calculate the Foreign Tax Credit for the income reported on the FEC screen.
  7. Go to the
    1116
     screen in the
    Credits
     folder.
  8. Enter a description in the
    Description
     field.
  9. Complete the Form 1116 - General Information section with the
    Category of income
    ,
    Description of income for line 1a
    , and any other necessary information.
  10. Select
    Country code/name
     from the dropdown In the Part I - Foreign Income/Loss section.
  11. Select
    FEC
     from the dropdown and enter the unit number In the
    Foreign activity form & unit#
     fields.
  12. Enter all necessary information for income, losses, and taxes in the Part I, II, and III sections of the input screen.

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