turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

bvivers
New Member

Canadian Stock acquired through company buyout of mutual Life insurance. 1099-DIV is from a Trust in NJ. Do I need to upgrade or can I file with the free version?

No FIT is withheld, but the equivalent of $29 US dollars in taxes to Canada were paid.  Turbo tax help explained that if the Trust is US based, this is not considered a foreign account. Yet Turbo Tax will not let me file unless I upgrade.
Connect with an expert
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Reply
AmyC
Employee Tax Expert

Canadian Stock acquired through company buyout of mutual Life insurance. 1099-DIV is from a Trust in NJ. Do I need to upgrade or can I file with the free version?

The account and 1099-DIV are considered US but the Canada account with $29 paid in tax to Canada is foreign tax paid. If you want to forfeit the $29 of tax credit, you can delete the entry  for the tax paid and file using the free version. Otherwise, an upgrade would cost more than the $29 credit.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies