Welcome back! Ask questions, get answers, and join our large community of tax professionals.
cancel
Showing results for 
Search instead for 
Did you mean: 

Form 1116, line 1a (Capital Gain Distributions)

drbdrb
Level 2

On Form 1116, line 1a (Gross income from foreign sources), total capital gain distributions (which are not foreign income) from Form 1099-DIV are added to the correct amount of foreign source dividend income from the same Form 1099-DIV. Why is this happening and is there a way to correct? Thank you.

Labels (1)
0 Cheers
3 Replies 3
sjrcpa
Level 15

You have to tell Lacerte that zero CGD are foreign. Zero = -1.

The software assumes all income from a 1099-DIV with foreign withholding is foreign income unless you tell it otherwise.


ex-AllStar
0 Cheers
drbdrb
Level 2

Thanks so much! I'm new to Lacerte and finding some challenges with the F1116.  Does Lacerte offer videos or live training specific to this topic? Thank you.

sjrcpa
Level 15

You're welcome. I don't know if they offer training on this.

And welcome to the forum.


ex-AllStar
0 Cheers