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alex-junk
New Member

Form 1116-credit for foreign taxes pd. Entered taxes shown on k-1, but error chk sez enter the "Adjusted basis of investment assets generating foreign income." What???

 
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4 Replies

Form 1116-credit for foreign taxes pd. Entered taxes shown on k-1, but error chk sez enter the "Adjusted basis of investment assets generating foreign income." What???

Is there an amount in f1116 line 4b?
alex-junk
New Member

Form 1116-credit for foreign taxes pd. Entered taxes shown on k-1, but error chk sez enter the "Adjusted basis of investment assets generating foreign income." What???

There is. Do you have a suggestion for how I can use that number?
In the meantime, here's what I decided to do. I figured out how much of a holding we have, and then I went to the company site and figured out what percentage of the corporate operations were (in this case) in Canada. I applied that percentage to our holdings. I think it's defensible, at lease. But yeesh!

Form 1116-credit for foreign taxes pd. Entered taxes shown on k-1, but error chk sez enter the "Adjusted basis of investment assets generating foreign income." What???

To get more information, bring up the f1116 wks. Scroll down to 4b (1)a and put the pointer in the cell and right click. On the box that appears, click on the bottom line. Another box will appear with more info regarding that section.

marquesse
New Member

Form 1116-credit for foreign taxes pd. Entered taxes shown on k-1, but error chk sez enter the "Adjusted basis of investment assets generating foreign income." What???

This is a useless response as it doesn't give you any idea of where to get the information from or what they exactly want. All you did was give the mechanics of how to right click to get an info  box up. Worthless.

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