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Investors & landlords
The national income taxes paid should be reported on Form 1116 so that you can claim a foreign tax credit.
You can access the form to enter the foreign tax paid by following these instructions:
- Open (continue) your return in TurboTax
- Make sure you've already entered all your foreign income. If you still need to enter it, do that now
- Select Search and search for foreign tax credit. Select the Jump to link in the search results
- When you reach the screen Do You Want the Deduction or the Credit? select the option you prefer for your situation
- If you select Take a Credit:
- Select Continue on the next screen, then select No to fill out Form 1116
- When you reach the screen Country Summary, select Add a Country
- 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
- Answer the questions on the following screens until you reach your Foreign Tax Credit Summary. If you’re finished with this section, select Done
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February 19, 2023
12:53 PM