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Looking for Specific Field to Specify Canadian Taxes Paid on Dividend Income
Hello -
My question pertains to the application of a foreign tax credit to passive income. Following are details:
- I live in Canada, but traded with a U.S.-based company when living in the States.
- I have a 1099-DIV is from the U.S. company.
- For sake of discussion, assume
- Box 1b (ordinary dividends) is $150
- Box 7 (foreign tax paid) is $0
- I paid $25 USD to Canadian Revenue Authority on the $150 dividend
- TurboTax says I owe $20 USD.
- What specific page in TurboTax (and in what field) do I enter the fact that I've already paid $25 USD to Canada - thereby offsetting the $20 TurboTax says I owe? I have stepped through each every page in TurboTax and experimented with every field and none reduce the tax. I assume that I do not enter $25 in Box 7 (foreign taxes paid) because that amount must match what appears on my 1099-DIV, but I'd expect that TurboTax to provide a similar field.
Thanks in advance for any help.
Patrick
March 7, 2022
12:20 PM