I am following this thread as I have had a similar issue come up.
I have been receiving a Schedule-K for over 20 years, and I have been doing my own taxes with desktop TT for about 10 of those, I think. This was the first year where my Schedule-K (sent to me by the Trust officers who have tax preparers prepare it for me) reported a foreign dividend income of $206 and apparently foreign tax of $14 (shown on line b of box 14).
Because of this, several other pages have opened up that I have never seen before. After a lot of back and forth with the Trust Officers, who asked their tax preparers, who don't seem to know the right terminology even (they suggested selecting "other country" on a drop-down, and that is not even an option), the main trust officer spoke to a CPA friend of his who gave me these directions:
"1. Various is the right choice for the country
2. She should put the $206 in the "Gross Income Sourced at Beneficiary Level: Foreign Source Income" box
3. Select "passive category" in the next box.
4. Then on the next page or 2 it will ask for the amount of foreign taxes paid and that is where the $14 goes."
So, I followed these directions, but I didn't have a "foreign taxes paid" option, only a "foreign taxes accrued", I put the $14 there.
In the end, it keeps throwing an error message. One of the things it has said has been something about not having more income from foreign than U.S.
But anyway, based on this thread, I am wondering if the $14 would actually be a credit for me that I am willing to forfeit, as it keeps throwing an error? Because no one seems to know what to do with this information, and they are all just shrugging their shoulders and saying "talk to Turbotax". Well, that is easier said than done.
Ps--luckily the account for which this schedule-k comes is nearing its end, and I may not need to deal with these folks anymore. Drives me batty when professionals pass the buck.
please, please help! I am a full-time, non-traditional university student who also works, and I allotted time for this during Spring Break, but here I am still dealing with this a few weeks later when I need to be doing homework--all because of this one issue.
thanks in advance!
