- Federal>deductions and credits>deductions and credits>estimate and other taxes paid>Foreign Tax Credit>start or revisit
- When it asks We just need to check if you have any uncommon situations indicate I paid foreign taxes on income I earned while working in another country.
- Navigate and record the entries that the program asks for and when you reach the page that mentions Foreign Tax Credit Worksheet, this is where you take notice between a deduction or credit.
- The first that you will be asked is what category of income is it, you will say passive income..
- Next screen will say Country Summary, select add a country and then select India.
- When it says Other Gross Income - India. Here is where you report the capital gains income that your sale was taxed on in India.
- Then you will navigate through the screens until you come to a screen that says Foreign Taxes Paid - India, here is where you record the amount paid under Foreign Taxes on Other Income. Then below that you will enter the amount of taxes paid in taxes. This is a screenshot what this screen looks like. After you report this , you should receive a country summary screen included in my previous post.
If you haven't reported your income and credit in this manner, then do so as this will accurately calculate what your foreign tax credit should be.
I go to step one but step 2 does not come up like above in premier turbotax for this year 2025???
Thanks
