pk
Level 15
Level 15

Get your taxes done using TurboTax

@nitingupta  on going back and reading this thread , I want to make sure that:

1. You entered all foreign and domestic earned interest as if you have received a 1099-INT. TurboTax will allow you to enter  foreign  earned interest   ( tell TurboTax that you do not have a 1099-INT, but want to declare earned interest ), just with the name of the institution providing the interest, address  and the amount in US$. ( Make a note of the US$ amount because you will have to report this as part of other Foreign source passive income for form 1116).

2. Foreign dividends  are also reported similarly ( with no fed ID ) under the dividends.

3. Rental income , foreign or domestic are reported on Schedule-E --- Tell TurboTax that this is foreign residential property.  Note the final income figure from Schedule-E --- this is foreign source  that will have to be added  as part of the foreign source  income  for 1116

4. Pension is reported  under "pension" -- kind of format for 1099-R --- you will need the distribution amount, taxable amount, distribution code  is generally 7  -- but look at the form and instructions for form 1099-R ---See here --->  About Form 1099-R, Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs,...

5. For sale of Capital assets --- you use  8949, Schedule-D etc. and /or  4797

 

Note that in all these cases, the above is ONLY valid for US tax purposes.   You foreign country IT filings ( India in your case ? ) are distinct and follow local rules.

Also when you are in form 1116, you have to enter the total foreign source income ( it is based on the  US "income for those categories " , because that is the usually the doubly taxed income) and the taxes paid  to the foreign taxing authorit(y/ies)

 

Does this make sense ?   Is there more I can do for you ?  If you are uncomfortable putting info here on the public board, you can always PM me   ( just NO PII -- Personally Identifiable Information )

 

Namaste Guptaji

 

pk