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Form 1118, Foreign Tax Credit - Corporations

Form 1118, Schedule J: Separate limitation income

Form 1118, Schedule J's divided into multiple sections which show current year adjustments to the separate limitation income, overall foreign loss, and overall domestic loss accounts.

FTC comprehensive edits and calculations

If the Taxable Income Adjustment, Recapture Overrides, OFL Recapture Override amount by basket's greater than FTC Summary Report's T.I. before Recapture of OFL amount for each FTC basket, this warning message gets triggered.
Warning: 20039 - The Overall Foreign Loss Recapture Override amount entered for the {{{FTC basket name}}} basket in the Taxable Income Adjustment, Recapture Overrides screen exceeds the T.I. before Recapture of OFL displayed on the FTC Summary Report. Accordingly, the OFL Recapture Override has been limited to the T.I. before Recapture of OFL amount.
If the Taxable Income Adjustment, Recapture Overrides, ODL Recapture Override amount by basket's greater than the FTC Summary Report's T.I. before Recapture of OFL amount for each FTC basket, this warning message is triggered.
Warning: 20040 - The Overall Domestic Loss Recapture Override amount entered for the {{{FTC basket name}}} basket in the Taxable Income Adjustment, Recapture Overrides screen exceeds the T.I. before Recapture of OFL displayed on the FTC Summary Report. Accordingly, the ODL Recapture Override has been limited to the T.I. before Recapture of OFL amount.

This article applies to:

  • Product: ONESOURCE International Tax
  • Return type: 1120 Corporation
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