After entering your K-1 information, since the Estate paid foreign taxes, be sure to go through the foreign tax credit section of TurboTax:
- Click on Federal Taxes > Deductions & Credits.
- In the Estimates and Other Taxes Paid section, click on the Start/Revisit box next to Foreign Taxes.
- On the Foreign Tax Credit screen, click Yes.
- When you come to the screen, Do You Want the Deduction or the Credit? you can select either, but it is usually more beneficial to take the credit.
If the Foreign Income was from interest or dividends, you can enter it as if you had a 1099-Div or 1099-Int (the amounts will then transfer to the Foreign Tax Credit section).
Or, just enter the total Foreign passive income in the FTC section when you are reporting Foreign Tax paid.
Click this link for more info on Claiming the Foreign Tax Credit.
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