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Level 4
February 28, 2023
Solved

I get so many "suggestions" when it comes to foreign tax credit. One is "when" was the tax paid? Consolidated 1099's don't say "when" the tax was paid.

  • February 28, 2023
  • 4 replies
  • 20 views
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Best answer by sjrcpa

Use 12/31/22

4 replies

sjrcpa
sjrcpaAnswer
Level 15
February 28, 2023

Use 12/31/22

The more I know the more I don’t know.
BobKamman
Level 15
February 28, 2023

February 25, the anniversary of the 16th Amendment. 

And we didn't even celebrate it this year  . . .

IRonMaN
Level 15
February 28, 2023

Most of the 1099s I see show the date paid ----------------- if you look for it.  But I don't tend to look for it and use the suggested 12/31 date.  I left off the year for when somebody looks at this next year or the year after or the year after that.  You just know someone two years from now is going to see this and wonder why 12/31/22 doesn't work on a 2024 tax return. 😬

Slava Ukraini!
abctax55
Level 15
February 28, 2023

12/31/22 doesn't work on a 2024 tax return.

Someone's been around here a long time (or, too long ?)

HumanKind... Be Both
IRonMaN
Level 15
February 28, 2023

Are you calling me old? 😃

Slava Ukraini!
cakeenAuthor
Level 4
February 28, 2023

I will use 12/31/22 for this year. Thanks much.  Once other "suggestion" I get is "Taxpayer received either foreign source qualified dividends and/or foreign source capital gain distributions. No adjustment was made to these amounts as the taxpayer qualified for the adjustment exception."

I get that suggestion EVEN when the foreign credit fully comes through to line 20 on the 1040.

Any thoughts on why it appears I don't have this entered correctly?

 

 

sjrcpa
Level 15
February 28, 2023

"the adjustment exception" is explained somewhere in the 1116 instructions. Have fun reading.

The more I know the more I don’t know.