How do I input Schedule K-1, line 16F in an 1120S return using CCH® ProSystem fx® Tax and CCH Axcess™ Tax worksheet view?

  • Article Type:
  • How To
  • Last Modified:
  • 02/21/2022

Objectives

Populate Foreign Taxes paid or Accrued to carry into Schedule K, line 16f and Schedule K-1, line 16F.

Environment

CCH® ProSystem fx® Tax
CCH Axcess™ Tax
S Corporation
1120S
Worksheet View
WSV

Procedure

  1. Go to Partners > Schedule K-2 - Distributive Share Items - International Parts 1-V Worksheet.
  2. Expand Section 10 - Schedule K-2 Part III Section 4 - Foreign Tax Options.
  3. In Line 1 - Foreign Taxes paid, select the checkbox, if applicable.
  4. In Line 2 - Foreign Taxes accrued, select the checkbox, if applicable.
  5. Expand Section 11 - Schedule K-2, Part III Section 4 - Foreign Tax Information.
  6. Select Detail.
  7. In Line 1 - Row code, select F4  (Lookup Value) and choose either option 1 or 3 from the list. 
  8. In Line 3 - Country Code, select F4  (Lookup Value) and choose an applicable country code from the list.
  9. In Line 4 - Type of tax, select F4  (Lookup Value) and choose an applicable tax type from the list.
  10. In Line 6  - Date tax paid, input an applicable date in format dd/mm/yyyy.
  11. In Lines 9-19 - General category income - Foreign, input applicable amount.
  12. Calculate the return.

Additional Information

N/A

  Solution Tools
  Attachments
 Solution Id 000138497/000138497
 Direct Link
To provide feedback on this solution, please login.

Your feedback about this article will help us make it better. Thank you!