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Interest and dividends

Enter foreign interest income

Follow these steps to enter foreign interest income to report on Schedule B and Form 1116.
  1. Select the
    Income
     folder, then either the
    B&D
     or
    Broker
     tab. Only use the
    Broker
     screen if you're entering a consolidated 1099.
  2. Open the
    Interest income
     statement window and complete the following fields:
    1. F/S
      : If the interest is federal-only or state-only, code it as federal or state. If you need to report the interest on both federal and state, leave this field blank. If you have multiple states on the return, follow the steps to enter interest and dividend income for a multi-state return.
    2. TSJ
      : Code the interest to the Taxpayer, the Spouse, or as Joint. This field doesn't exist if you come from the
      Broker
       screen because the entire
      Broker
       screen is coded to the Taxpayer, Spouse, or Joint. The
      Interest income
       statement automatically picks up the code from the
      Broker
       screen.
    3. Type Code
      :  Leave blank.
    4. Payer
      : Enter the payer name.
    5. Interest income
      : Enter the total amount of taxable interest, foreign or not.
    6. Foreign Amt (If different)
      : Enter the amount of foreign source interest income. If the foreign amount is the same as the
      Interest income
       amount, you can skip this field and mark the
      X if Foreign
       checkbox. Select Foreign columns if this field doesn't display.
    7. Foreign Tax Paid
      :  Enter the amount of foreign taxes paid on foreign interest income to calculate Form 1116.
    8. X if Foreign
      : Mark this field to indicate foreign interest in this line. UltraTax CS uses the
      Foreign Tax Paid
       amount and the
      Foreign Amt (if different)
       amount to calculate Form 1116. If you didn't enter an amount in the
      Foreign Amt (if different)
       field, UltraTax CS uses the
      Interest income
       field.
    9. FATCA
      : Enter
      X
       if the FATCA checkbox is marked in the source document. There may be more filing requirements for Form 8938 and FinCEN Form 114. Review the filing instructions for more information.
  3. Complete any other fields as necessary for your client, or to get a specific result on Schedule B.
  4. Select the
    Credits
     folder, then the
    1116
     tab.
  5. Review the data entry on this screen. Some fields will fill out automatically, but some may need adjustment to get a specific result on Form 1116.
After entering data in the
Interest income
 statement, review the fields on the
B&D
 and
Broker
 screens related to foreign taxes and complete them as necessary.
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