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Schedule K-1 (Form 1041) - Foreign Tax
1

Per IRS Schedule K-1 (Form 1041) Beneficiary’s Share of Income, Deductions, Credits, etc., on page 2:

14. Other information

B Foreign taxes

Report on Schedule 3 (Form 1040), line 1 or Sch. A, line 6

To enter the amount on Schedule 3 (Form 1040) Additional Credits and Payments, Line 1 in the TaxAct® program:

  1. From within your TaxAct return (Online or Desktop), click Federal. On smaller devices, click in the upper left-hand corner, then click Federal.
  2. Click Other Income in the Federal Quick Q&A Topics menu to expand, then click Estate or trust income (Form 1041 Schedule K-1).
  3. Click + Add Estate and Trust Schedule K-1 to create a new copy of the form or click Edit to review a form already created.
  4. Continue with the interview process to enter all of the appropriate information.
  5. On the screen titled Estate and Trust - Schedule K-1 Information, check Box 14 - Other information, then click Continue.
  6. On the screen titled Estate and Trust - Foreign Taxes, click Yes.
  7. Click + Add Form 1116 Worksheet to create a new copy of the form or click Edit to review a form already created.
  8. Continue with the interview process to enter all of the appropriate information.

To enter the amount on Schedule A (Form 1040) Itemized Deductions, Line 6 in the TaxAct program:

  1. From within your TaxAct return (Online or Desktop), click Federal. On smaller devices, click in the upper left-hand corner, then click Federal.
  2. Click Itemized or Standard Deductions in the Federal Quick Q&A Topics menu to expand, then click Taxes paid.
  3. Continue with the interview process to enter all of the appropriate information.
  4. On the screen titled Enter any other deductible taxes paid in 2020, enter the Type of tax and the Amount paid based on the information from your Schedule K-1 (Form 1041), then click Continue.

Note. Paid foreign taxes? Generally, it's more beneficial to claim the foreign tax credit instead of claiming the deduction here. We'll cover the foreign tax credit later.

Note that any link in the information above is updated each year automatically and will take you to the most recent version of the document at the time it is accessed.