How do I populate Schedule K-1, Line 21 for partners with a 1065 return using interview view in CCH® ProSystem fx® Tax?
- Article Type:
- How To
- Last Modified:
- 08/22/2023
Objectives
Populate Schedule K-1, line 21 - Foreign Taxes Paid / Accrued with a 1065 return using interview forms view.
Environment
- CCH® ProSystem fx® Tax
- Partnership – 1065
- Interview Forms - IVF
- Schedule K-1
- Foreign Taxes Paid / Accrued
Procedure
Method 1 - Prepare and populate Schedule K-2 and K-3(s)
- Go to Interview Form KF-5 - Foreign Partner Information Part III Section 4.
- In Box 30 - Foreign Taxes paid, select the checkbox if applicable.
- In Box 31 - Foreign taxes accrued, select the checkbox if applicable.
- In Box 40 - Row code, select F4 (Lookup Value) and choose option 1.
- In Box 42 - Country Code, select F4 (Lookup Value) and choose an applicable country code from the list.
- In Box 43 - Type of tax, select F4 (Lookup Value) and choose an applicable tax type from the list.
- In Box 45 - Date tax paid, input an applicable date in format dd/mm/yyyy.
- In Box 70-100 and / or 126, input applicable amount of taxes paid according to the income category type.
- Calculate the return.
Method 2 - Prepare blank Schedule K-2 and no Schedule K-3(s) when meeting filing exception
Additional input added with Tax Year 2022- Go to Interview Form K11-A.
- In Box 145 - Foreign taxes paid or accrued, input applicable amount.
- Go to Interview Schedule K-2 > KF-1.
- In Box 34 - X to print page 1 of Schedule K-2/K-3 blank, select the checkbox.
- Go to Interview Form 5.
- In Box 35 - Code to produce the Schedule K-3, select option 2 - Produce for only selected Partners.
- Calculate the return.
Method 3 - Without preparing Schedule K-2 or Schedule K-3(s) when meeting filing exception
Additional input added with Tax Year 2022- Go to Interview Form K11-A.
- In Box 145 - Foreign taxes paid or accrued, input applicable amount.
- Calculate the return.
Notes
- If utilizing method 2 and 3, please review Schedule K-2 / K-3 filing instructions regarding exception qualifications carefully.
- If utilizing method 2 or 3, special allocation code 5780 is available to control partner distribution.
Solution Id | 000204813/000138411 |
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