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Form 1116 Foreign Tax for RIC How do I enter foreign taxes paid on investments made via a registered investment company?

 
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itonewbie
Level 14

Your client should have received 1099 and certain supplemental info from the RIC that would provide all the relevant details related to foreign tax paid and the sourcing details.

Follow the instructions in this article for how to make the entries, depending on the type of income your client has from the RIC:

https://proconnect.intuit.com/community/help-articles/help/generating-form-1116-foreign-tax-credit-f...

In the event your client qualify for §904(j) election, you will find the checkbox for printing the election statement under Other > Elections > Misc. Elections.  Note that Misc. Elections is in the top-right corner of the Elections input screen in small prints.

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Farewell AllStars, Hello Level 14! After all, what is life without numbers for a tax pro?
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The subject investments are all funds. The instructions contained within the 1099-C indicate that all are registered investment companies with a country designation of "RIC." My last software had "RIC" as a country option within the Form 1116. 

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itonewbie
Level 14

Lacerte/PTO don't have RIC as an option for country.  If you wish, you could use Other Country as an alternative for now but I can see that this could be a problem if you have foreign income outside of RIC.

@IntuitAustin Could you please flag this to the developers for review?  Thanks!

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Farewell AllStars, Hello Level 14! After all, what is life without numbers for a tax pro?
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