Form1041 K-1 Foreign Tax Credit - Accrued Tax

[Pickle45]

I have a Schedule K-1 1041 for a Trust. All of the income is foreign with taxes paid. When entering all of the information for the K-1, I put B - Foreign taxes under "Enter Other Codes" and the corresponding amount under "Enter Amount." For the record B is the only code in Box 14.

I then come to the page with the following:

Total Applicable Losses

Foreign Taxes Accrued

Reduction in Taxes Available for Credit

Assuming I leave Total Applicable Losses & Reduction in Taxes Available for Credit blank since I do not see these mentioned on my K-1. However, do I need to put an amount in Foreign Taxes Accrued? Is this the same amount as the Foreign Taxes Paid? I'm thinking that I should leave all three of these boxes blank.

I notice that this makes a difference in an Excess Foreign Tax Credit which is something that's completely new to me. When adding the paid tax number to Foreign Taxes Accrued I get a significantly larger Excess Foreign Tax Credit that can only be carried back a year as opposed to a smaller Excess Foreign Tax Credit that can be applied to next year when leaving the Accrued amount box blank.

Can someone please advise on the correct way to navigate this?

[DaveF1006]

 No, Foreign taxes accrued means that taxes have accrued but not paid. Foreign Tax is tax that has been paid, so these are two different things. You wouldn't add these together. If you don't have any documentation listing Foreign Tax Accrued, do not record anything in this box.