Hi all. I have a trust k-1 showing foreign taxes paid (as divided withholding). I'd like to claim the foreign tax credit for these, but there are several redundant-sounding boxes in the Turbotax interview and I'm unsure for which ones I'm expected to enter this amount. I understand, in general, how the foreign tax credit works, i.e. it's based on the amount of foreign income divided by total income, but the Turbotax questions are vague.
I entered the amount of foreign tax in Box 14B, but then it seems to ask for it again. The confusion starts with the page that says "Enter the foreign tax information as shown on box 14" from the trust. There are three boxes for "other deductions:" total, foreign, and US source. I want to claim the credit, so I assume this would be left blank, but since you can also take a deduction for foreign taxes in lieu of the credit, should I enter the foreign tax amounts here, or not? Turbotax doesn't specify what these "deductions" may relate to, but since they're under foreign taxes, I assume that's what they'd be for.
Then there's a page for "foreign taxes accrued." I assume this relates to the cash vs. accrual accounting alternatives. To keep things simple, I want the cash method, but it doesn't let you specifically choose that anywhere. So should I enter the amount here, also, or leave it blank?
Basically, I need to know if entering foreign taxes in box 14b is enough to get me the credit without double-claiming, or if these other boxes are necessary.
