1041 Accounting income computation
Why is the foreign tax credit reducing dividends on form 1041 in computing accounting income and Income required to be distributed annually.
1
11
bH7zrOlIiqlllsab8P4pmk
tdavis37
Questions asked: 8
Questions answered: 0
Points earned: 0
Questions answered: 0
Points earned: 0
ProAdvisor
Members of the QuickBooks ProAdvisor Program
01/07/09 7:54am PST
Viewed by asker 01/21/09 5:32am PST
Viewed by asker 01/21/09 5:32am PST
2 Replies
Amy-in-PA
Questions asked: 93
Questions answered: 6484
Points earned: 14385
Questions answered: 6484
Points earned: 14385
Accountant Community AllStar
Advisory council of Accountant community power users.
Allstar
Advisory council of community power users.
01/07/09 10:43am PST
I think it's doing that because accounting income might be net of the foreign tax credit. If the dividend was, for example, $100, and $2 foreign tax came out of it, you only got $98 put into your account.
Back up before it's too late. For a professional answer, call Tech Support at 1-800-933-9999 (Lacerte)(other numbers ProSeries, QB, or TurboTax). I am a volunteer, not compensated or supported by Intuit.
LacerteGuru
Questions asked: 97
Questions answered: 2626
Points earned: 6075
Questions answered: 2626
Points earned: 6075
Intuit Superstar
Employee who makes outstanding contributions to the community
01/07/09 11:09am PST
Latest post
There is an option in the Tax Return tab to control whether credits stay or go (so to speak) and an override in screen 9.
Bill
