So, I am kinda confused now. PLEASE help me....
Please allow me to recap so that I can get the situation handled for my tax return:
Upon his demise, my wife's father left her some stock of a firm traded on the London Stock Exchange.
The inherited stock is held in the UK in a depository account.
At the time of the bequest (June 2021), it was worth about $190K USD.
My first question is: What documents must be filed to acknowledge this holding of foreign stock?
- I am told that FBAR, and Form 3520 are needed. These are informational only, correct? Should they be filed as joint ownership even though it is my wife's father that left her the stock?
- Is the Form 8938 needed also?
- Which form is needed in the actual income tax return?
Then in Aug, this foreign stock holding provided a cash dividend of about $4,300USD that was sent to our joint bank account.
The dividend income must be declared as taxable income.
My question here: How do I do this in Turbotax Premier given that I received no documents about the dividend from the UK stock depository?
They do not report to the IRS but I want to disclose those dividends and pay the tax on the dividends received as that is the ethical thing to do. There is nothing to import into Turbotax unlike my account at Fidelity.
THANKS so much for any help you can provide here.
Cheers,
Doc..
PS: Why do they make it so difficult to navigate this ugly web called taxes??? The myriad forms and schedules are enough to scare anyone away!!
