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Does anyone know how to input a Foreign Tax Credit in the tax planner?

patrick2
Level 1

I am trying to compare last years tax return (not prepared by me on ProConnect) to this year's but I cannot figure out a way to add in the Foreign Tax credit to 2018s return. 

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itonewbie
Level 15

If you're referring to input for the tax return, here're the instructions: https://accountants-community.intuit.com/articles/1857591-how-do-i-generate-form-1116-foreign-tax-cr...

Note, however, that PTO is not capable of computing FTC scaledown for fiscal year countries and dual-earners.  You can override but the presentations (i.e. statements) will still be incorrect.  Neither does it compute SLL/OFL/ODL or the relevant recaptures automatically.  These were brought to the attention of Intuit years ago and follow-up requests were made each year but there has been no updates, unfortunately.

In case you are referring to the tax planner, using 2017 as the base year (or projecting for 2019 using 2018 as the base year), there is no input for FTC.  Whatever is in the base year return for FTC will flow through to the year projected without any adjustment, which is not helpful for practices that focus on expat returns.

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1 Comment 1
itonewbie
Level 15

If you're referring to input for the tax return, here're the instructions: https://accountants-community.intuit.com/articles/1857591-how-do-i-generate-form-1116-foreign-tax-cr...

Note, however, that PTO is not capable of computing FTC scaledown for fiscal year countries and dual-earners.  You can override but the presentations (i.e. statements) will still be incorrect.  Neither does it compute SLL/OFL/ODL or the relevant recaptures automatically.  These were brought to the attention of Intuit years ago and follow-up requests were made each year but there has been no updates, unfortunately.

In case you are referring to the tax planner, using 2017 as the base year (or projecting for 2019 using 2018 as the base year), there is no input for FTC.  Whatever is in the base year return for FTC will flow through to the year projected without any adjustment, which is not helpful for practices that focus on expat returns.

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Still an AllStar
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