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Can I enter the Foreign tax withheld on the sale of Mutual Funds in India under the net proceeds box (Federal taxes withheld) in the MutualFunds section? (No box 6 there)
The Mutual funds section doesn't have an option to report that the profit is from a foreign location and there is no box 6 to report foreign taxes like in DIV and INT sections. Please advise how to enter this in TurboTax
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June 3, 2019
10:36 AM
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Deductions & credits
Prakhashji, I would suggest (a) wait till the tax in India is finalized or else you will have to file an amended return to match the final figures and (b) consider the foreign paid tax as sales expense just like the commission etc, you pay the broker -- use the exchange rate of the date of posting or the yearly average ( published by US Treasury ). Hope this helps
June 3, 2019
10:36 AM
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Deductions & credits
So to confirm, Net proceeds will be net of the taxes withheld? I don't anticipate on paying any other tax in India so this should be the final number
June 3, 2019
10:36 AM