Best Practice for Claiming Foreign Tax Credit from K-1

[nello]

A personal 1099-DIV and a trust distribution schedule K-1 both report Foreign Taxes Paid (in boxes 7 and 14, (code B), respectively).

In claiming a credit on my personal federal income taxes for these foreign taxes paid, should I combine foreign taxes paid personally with those from a trust distribution in a single form 1116, or should I file separate forms 1116 for amounts paid by me personally as opposed to paid by a trust and attributed to me via a K-1?

If I should report the amounts on separate forms 1116, how do I create multiple forms 1116?

Thank you.

[Mike9241]

each 1099,k-1  with FTC needs to be linked to an 1116 and be reported in its own column, since only 3 entries per 1116 there can be multiple pages of 1116s you should be asked to link and select a column when you are entering the FTC info

[nello]

@Mike9241 

Thank you for your rapid reply.

Unfortunately, when I entered my K-1 foreign tax information, it was co-mingled with the 1099 foreign tax information that was already in Column A.

I don’t see how to separate them from within EasyStep.

Should I just make the changes within the Forms view of “1116 Comp Wks”?

Thank you for your help.

[nello · Accepted solution]

@Mike9241 

I think that I figured out how to disentangle my schedules K-1 and forms 1099. 

Within the Forms view of each K-1 and/or 1099, just click on the Column and copy of Form 1116 where the foreign tax information should appear.

Here, for example, are the boxes for the three Form 1116 Columns to be used for a Schedule K-1:

Schedule K-1 Code B 

Please confirm that I’m on the right track.

Thank you.

[AbrahamT]

Yes, that is correct.