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The section 962 tax is included in the total taxes and is effectively allowing carryovers at the individual level to offset section 962 tax. How do I fix this?

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3 Replies 3
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Level 15

Question is how you made you input for §962 tax?  The computation would have to be done outside of F.1040 and plugged in under Taxes > Other Taxes > Schedule J, Recapture, Other Taxes.

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To avoid the GILTI inclusion from being double-counted, the only way is to back that out on Sch 1, Line 8.  I'm not aware of a more aesthetically pleasing way of doing so, absent any clear guidance from the IRS.

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Still an AllStar
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Thank you for the reply.  I  originally entered the amount of tax due in the sideline calculation in the other taxes field labelled for 962.  I moved to the general "other" input field and now seems to be working correctly.

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