Foreign Tax Credit
ProSeries Professional
The following categories of income have been eliminated and recategorized as passive category income or general category income:
- High withholding tax interest.
- Financial services income.
- Shipping income.
- Dividends from a domestic international sales corporation (DISC) or former DISC.
- Certain distributions from a foreign sales corporation (FSC) or former FSC.
The program will have transferred the recategorized income categories into a smart worksheet above the foreign tax credit carryover summary at the bottom of the Foreign Tax Credit Computation Worksheet, listing the previous income type. You will need to determine if the income type is a passive or general limitation and manually enter the carryovers of the deleted income type on an existing passive or general limitation Foreign Tax Credit Computation Worksheet. If one does not already exist, the appropriate income type box may be checked at the top of the existing Foreign Tax Credit Computation Worksheet.
Additional information is available in the Tax Help for all Foreign Tax related forms.