Claiming a deduction for foreign taxes (1041)

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IRS filing deadline update

The IRS MeF system is now processing returns, and the filing deadline has been extended to 11:59 PM on Wednesday, April 18, 2018. For the latest details, see UltraTax CS alerts and notices.

You have two options for claiming a deduction for foreign taxes. To claim a deduction for foreign taxes, do one of the following:

Option 1

  1. Open Screen Deduct in the Deductions folder.
  2. Enter the amount of foreign taxes paid in the statement dialog for the Taxes, not entered elsewhere field.

    Note: Do not enter information on Screen 1116 in the K1 1065 & 1120S folder or enter foreign tax paid information in the statement dialog for the Interest income field or the statement dialog for the Dividends field on Screen Income in the Income folder.

Option 2

  1. Open Screen Income in the Income folder.
  2. Enter the amount of foreign taxes paid in the statement dialog for the Interest income field or in the statement dialog for the Dividends field.
  3. Open Screen OthCr in the Credits folder.
  4. Enter X in the Report all foreign tax as a deduction checkbox in the Form 1116 - Foreign Tax Credits section.

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