We receive foreign income that is reported to the U.S.
The tax on the foreign income is reported and remitted to the foreign government and we receive the net amount.
In Turbo Tax, Federal Income, Income Category, there is a screen that says "Enter Common Expenses" and lists among other things Taxes, Depletion. We know depletion is entered here, but not sure about Taxes.
Under Deductions and Credit, we use the Foreign Tax Credit where we enter the Foreign Income and the Taxes Paid.
So, not sure if we enter the taxes under Income/Enter Common Expenses and also enter under Deductions and Credits/Foreign Tax Credit.
Thanks so much
