AmyC
Expert Alumni

Deductions & credits

Dividends are entered as dividends in U.S. dollars. Any foreign tax paid on those dividends is entered under foreign tax paid.

 

Since the directions for entering dividends is earlier in this thread, I will post the tax paid portion.

 

All foreign tax paid is entered in the same spot. To report the foreign tax paid on your dividends for foreign tax credit:

  1. Enter foreign tax credit in the search box at the top of the page and click the Jump to link
  2. Select Yes you paid foreign taxes
  3. Continue through the screens regarding foreign interest and dividends
  4. Select yes that you have reported all your foreign income already in TurboTax
  5. Deduction or Credit? Most people choose the credit since so few itemize deductions. You can try it both ways and determine what is best for you. Select an option.
  6. Answer question about the Simplified Limitation Election
  7. Choose income type 
  8. Add the name of  your country
  9. Enter description -
  10. Enter Income amount that you previously reported in another section of TurboTax 
  11. Enter your taxes you paid on your foreign dividends in the box "Other income"
  12. Continue through the foreign tax credit screens until done.

@lubomm 

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