Deductions & credits

You still need to report this as a foreign tax credit. Here are the steps.

1. Open (continue) your return in TurboTax
2. Go to federal>deductions and credits>estimate and other taxes paid
3. Foreign taxes >start
4. When you reach the screen Do You Want the Deduction or the Credit? select the option you prefer for your situation
5. If you select Take a Credit:
   • Continue through the screens until it asks for income type. Here select passive income.
   • When you reach the screen Country Summary, select Add a Country. Add india
   • Other Gross income enter the gross proceeds from the equity fund
   • Don't enter the expenses as this may negatively impact your Foreign Tax paid.
   • Foreign losses. You may wish to leave this blank.
   • Foreign taxes paid. Select the option that mentions foreign taxes paid on rent, royalty or other income
   • Be sure to indicate the date these were paid
   • Answer the questions about your foreign income, taxes, and expenses on the following screens
   • When finished, you'll be taken back to the Country Summary screen. If you have income from other countries to enter, select Add a Country. Otherwise, select Done

 Continue through this section until you reach the end.  Make sure you enter any carryovers that may have occurred in a previous year. 

@jvembuna