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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