This article will help you enter foreign taxes paid (or withheld) to calculate the foreign tax credit on Schedule 3, Line 1.
If you are looking for how to enter K-1 foreign taxes on an individual return (Form 1040), see here.
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 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 can't convert foreign currency amounts to US dollars, so any currency conversion must be done outside the program.
Select a type of income below to view step-by-step instructions
Missing required entries will cause diagnostic ref 55350:
- Form 1116 Reject: For electronic filing purposes, every Form 1116, Part II, Column L must have a "date paid or accrued" or "1099 Taxes" literal on row A, B, and C whenever applicable. Please review your input for all Forms 1116. Your Form 1116 input may also come under 1099-INT, 1099-DIV, 1116, Sch. C, Sch. F, and Passthrough K-1's input screen. (ref. #55350)
Follow the data entry instructions for each type of entry below to resolve the diagnostic: