Enter foreign taxes paid on foreign dividend income

Go to the
Income
folder.
Select the
B&D
or
Broker
tab. Only use the
Broker
screen if you want to enter a consolidated 1099.
Open the
Dividend income
statement and complete these fields:
F/S:
If the dividend income is federal-only or state-only, code it as federal or state. If the dividend income should be reported on both federal and state, leave this field blank.
TSJ:
Code the dividend income to the Taxpayer, the Spouse, or as Joint. This field doesn't exist if you come from the
Broker
screen because the entire
Broker
screen is coded to the Taxpayer, Spouse, or Joint and the
Dividend income
statement automatically picks up the code from there.
Type Code:
Leave blank.
Payer name:
Enter the payer name.
Ordinary Dividend:
Enter ordinary dividend amounts from Form 1099-DIV, foreign or not. Don't enter tax-exempt dividends in this field.
Qualified Dividend:
Enter qualified dividend amounts from Form 1099-DIV, foreign or not. Don't enter tax-exempt dividends in this field.
Total Cap Gain:
Enter total capital gain distribution amounts from Form 1099-DIV or similar statements, foreign or not.
Foreign Ord Div:
Enter the amount of foreign ordinary dividends. If the foreign amount is the same as the
Ordinary Dividend
amount, you can skip this field and mark the
X if Foreign
field. Select if this field doesn't show.
Foreign Qual Div:
Enter the amount of foreign qualified dividends. If the foreign amount is the same as the
>Qualified Dividend
amount, you can skip this field and mark the
X if Foreign
field.
Foreign Cap Gain:
Enter the amount of foreign capital gains. If the foreign amount is the same as the
Total Cap Gain
amount, you can skip this field and mark the
X if Foreign
field.
Foreign Tax Paid:
Enter the amount of foreign taxes paid on foreign source income to calculate Form 1116.
X if Foreign:
Mark this field to indicate there's foreign source income in this line. If you mark this, UltraTax CS uses the
Foreign Tax Paid
amount and the
Foreign Ord Div
,
Foreign Qual Div
, or
Foreign Cap Gain
amounts to calculate Form 1116. If you didn't enter an amount in those fields, UltraTax CS uses the
Ordinary Dividends
,
Qualified Dividends
, or
Total Gap Gains
amount.
FATCA:
Enter
X
if the FATCA checkbox is marked in the source document. There may be additional filing requirements for Form 8938 and/or FinCEN Form 114. Review the filing instructions for more information.
For fields that were skipped during these steps, fill them in as needed for your client or to get the result you need on Schedule B.
Go to the
Credits
folder and select the
1116
screen to complete any additional data entry you need to get the result you need on Form 1116.

Nominee amount adjustments

Create a 2nd line in the
Dividend income
statement.
Enter code
3
in the
Type code
field.
Enter the adjustment as a positive amount in the same column that you entered the total dividend income in.