AMT foreign taxes from K-1 - where is input

Forum|Forum|3 years ago
March 25, 2023
1 reply
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K-1 AMT foreign taxes. Where is the input? I don't see a Line 12 code for amt foreign taxes in screen 20.3. When I use the section in the snip attached (from 35.1), the amt foreign taxes are presented on the 1116 - that is great - but also with the regular foreign taxes paid. The client isn't in amt and the only reason I'm doing this is avoid a question from the client.

client.

Lacerte Tax

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Best answer by PhoebeRoberts

On a 1040, the AMT vs regular tax difference for FTC has to do with the limitations calculated on the 1116. The gross foreign taxes paid is identical for both, so no special input is required.

I wish there were an input field for foreign-source qualified dividends on the K-1 entry screen. I end up doing a side calculation to be sure I get the right presentation and output.

PhoebeRoberts

Answer

Intuit Community Champion

On a 1040, the AMT vs regular tax difference for FTC has to do with the limitations calculated on the 1116. The gross foreign taxes paid is identical for both, so no special input is required.

I wish there were an input field for foreign-source qualified dividends on the K-1 entry screen. I end up doing a side calculation to be sure I get the right presentation and output.

PhoebeRoberts

Intuit Community Champion

Also, if this is from one of those "fund of funds" K-1, the K-1 presentation is strictly garbage in, garbage out. The same thing that gives you 988 loss spread across 3 different boxes, or 15 non-identical entries for various flavors of depletion so you get to guess which ones need to be added and which ones are already included in another total.

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