DaveF1006
Expert Alumni

Deductions & credits

This is how you will report the income so that it will transfer to Schedule D using TurboTax.

 

  1. Go to Wages and Income
  2. Go to investment income
  3. Go to Stocks, Cryptocurrency .......
  4. Classify this as other
  5. Follow all the prompts to determine what your capital gains is on the sale.

If you paid Foreign Tax on the sale.

 

  1. Go to deductions and credits>
  2. Estimate and other taxes paid
  3. Foreign Tax Credit>start or revisit
  4. When it asks We just need to check if you have any uncommon situations indicate I paid foreign taxes on income I earned while working in another country.  
  5. Navigate and record the entries that the program asks for and when you reach the page that mentions Foreign Tax Credit Worksheet, this is where you take notice between a deduction or credit.
  6. The first that you will be asked is what category of income is it, you will say passive income..
  7. Next screen will say Country Summary, select add a country and then select Canada.
  8. When it says Other Gross Income - Canada.  Here is where you report the gross sale.
  9. Then you will navigate through the screens until you come to a screen that says Foreign Taxes Paid - India, here is where you record the amount paid under Foreign Taxes on Other Income. Then below that you will enter the amount of taxes paid in taxes.  
  10. Continue through the section until you are done. 

 

 

 

 

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