Level 3

Question

How do you enter a foreign tax credit carryback in lacerte?

Forum|Forum|2 years ago
January 26, 2024
4 replies
15 views

I am amending a 2021 tax return to include a foreign tax credit carryback from 2022 to 2021. Where in lacerte can I enter a foreign tax credit carryback so that it is included on the 2021 amended Form 1116 Part III line 10?

Lacerte Tax

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dkh

Level 15

~~Look for the Carryover section on the Foreign Tax Credit Computation Worksheet~~

~~I got there by the clicking the Source Line icon from Form1116 part III line 10~~

Edit: sorry I use Proseries not Lacerte- program options not the same

and I had tired eyes - carryback/carryover....not the same I focused on the Part III, line 10

listen to @itonewbie

Happy day everyone.

itonewbie

Level 15

The carryback is supposed to show up on Sch B (F.1116), Line 2a, except there is no input for that line item at all. In fact, Intuit seems to have omitted input for Lines 2a to 2g altogether!

In the past, we have overriden the carryover amount from the most recent year and attached a statement to reconcile the difference. You can't do that anymore with Sch B (F.1116) because Line 1 on the CY return is supposed to match the PY's Line 8. A mismatch may now trigger a notice, which renders the software not fit for purpose.

@1569 Could you please have the developers take a look at this for both Lacerte and ProConnect ASAP because the Sch B (F.1116) as it stands is incomplete and cannot be used to meet the most basic compliance requirements for carryback and §905(c) FTC redetermination? Many thanks!

---------------------------------------------------------------------------------Still an AllStar

itonewbie

Level 15

@itonewbie wrote:

In the past, we have overriden the carryover amount from the most recent year and attached a statement to reconcile the difference. You can't do that anymore with Sch B (F.1116) because Line 1 on the CY return is supposed to match the PY's Line 8. A mismatch may now trigger a notice, which renders the software not fit for purpose.

@ellenabel You know what? If Sch B (F.1116) will remain a PDF attachment as in the previous year (which doesn't seem to have been programmed as an option for 2023 as in the previous 2 years) and these changes are not on Intuit's roadmap for this year, we may just override the system as before and manipulate the PDF offline for the correct presentation before attaching it.

---------------------------------------------------------------------------------Still an AllStar

E

ellenabelAuthor

Level 3

Where os the source line icon? Is there something in lacerte I am supposed to turn on?

itonewbie

Level 15

@ellenabel @dkh uses ProSeries, which has a totally different UI than Lacerte/ProConnect. Furthermore, the reference is made to Carryover, not Carryback.

ProSeries is generally less capable of handling international returns; I would doubt that it is more developed in this area when it is lacking in Lacerte/ProConnect.

---------------------------------------------------------------------------------Still an AllStar

A

Anonymous

Thanks @itonewbie

@ellenabel This question would be better suited for our technical support experts. If there is a need to report this to our development team for further review, our support staff will be able to start the process.

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