This article will help you enter foreign taxes paid (or withheld) to calculate the foreign tax credit on Schedule 3, Line 1.
Before you start
- There are six methods for entering foreign taxes paid, depending on the type of income the taxes are associated with.
- For ProConnect Tax to calculate the Credit for Foreign taxes paid, an entry in US Dollars must be made. Entries under the Foreign Currency section won't generate a credit.
- ProConnect Tax can't convert foreign currency amounts to US dollars, so any currency conversion must be done outside the program.