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Tax Return options overview

Foreign tax credit

Follow these steps to configure Foreign Tax Credit options. 
  1. Go to
    FileRoom
     >
    Admin
     >
    Tax Return
    .
  2. On the location dropdown, select the office location. The tax return option changes will apply to the selected office location.
  3. Go to the
    Foreign Tax Credit
     section.
  4. If you want to export foreign income only when the foreign taxes paid exceed IRS defined limits ($300 or $600 Married Filing Jointly), mark the
    Export foreign income only when the foreign taxes paid exceeds the IRS defined limits
     checkbox.
    If the checkbox is marked and the foreign taxes paid don't exceed the IRS defined limits, the foreign taxes are exported without the related foreign income. Leave this checkbox unmarked if you want all foreign income to export to your tax software.
Foreign Tax Credit
options selected in
Account Admin
will become the default settings for all new binders. However, when creating a new binder, you can select different settings for that particular binder if desired. Settings selected on the
Create New Binder
window override the default settings selected in
Account Admin
.

This article applies to:

  • Product: SurePrep

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