LinaJ2020
Expert Alumni

Deductions & credits

Please follow these steps:

 

Make sure you have entered the capital gain transactions somewhere in the program ( for example 1099-B section) to show you are paying taxes on your Form 1040.  

 

You will then enter info under Foreign Tax Credit section here: 

 

In TurboTax online,

  • Open up your TurboTax account and select Pick up where you left off
  • At the right upper corner, in the search box, type in "foreign tax credit" and Enter
  • Select Jump to foreign tax credit
  • Follow prompts
  • On screen, "Tell Us About Your Foreign Taxes", do not check the first box. 
  • (First box says -you have no more foreign taxes to enter other than the 1099-DIV, 1099-INT, 1099-OID or a Schedule K-1)". 
  • Follow prompts
  • Choose the Income Type, select "Passive Income"
  • On screen, "Country Summary", add a country to continue
  • On screen, "Other Gross Income", enter foreign capital gain and the amount.
  • Follow prompts
  • On screen, "Foreign Taxes Paid", under foreign taxes on Other Income, enter the amount

@wendywang

 

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