Foreign Income and Taxes - Turbo Tax business

[JD20201]

On my 1099 that I received from my investments, there is supplemental information on Foreign Income and Taxes.   It shows non-qualified and qualified dividends and foreign tax paid.  I thought I could report this under a 1099-int or 1099-div, but there's no box for foreign tax paid/dividends.  Where should I include this?  

[rogge1722]

Foreign tax paid is included in box 6 of a 1099-INT or box 7 of a 1099-DIV.

[JD20201]

Thanks, but I'm not clear where in Turbo Tax Business I can enter this information. The Dividend income section has only 2 boxes. One for Ordinary Dividend income and another one for Qualified dividend income. No option or box to include foreign income dividend or taxes paid.

[rogge1722]

Did you checkmark the box to display all the boxes?

[DaveF1006]

You will enter this into a 1099-DIV form as both 1a ordinary dividends and 1b qualified dividends. You will check the box that says my form has info in more than one of these boxes. In Box 7 is where you will enter foreign tax paid. This will inform turbo tax that these are foreign dividends. 

[gk3]

where do i record foreign taxes paid in turbo business in order for it to be reflected on  the K-1,s?

[DaveF1006]

To clarify, what business product do you have? S-corp, Partnership, or Trust?

[gk3]

Partnership

[gk3]

i can see that. how do i get foreign taxes paid onto my partnership return

[gk3]

is your referance home & business or business ? i dont see that in buiness

[gk3]

turbo tax business doesn't have such a box

[gk3]

Does turbo tax not recognize that some businesses may have paid foreign taxes on investments?

[gk3]

this option may be available on home and business, but noy Business

[ThomasM125]

You can enter your foreign taxes paid on the partnership form 1065 Schedule K, below line 20(a) where you will see a box entitled Foreign Taxes Paid or Accrued. 

[gk3]

go to form 1065 4 of 5 and inter foreign taxas paid direct to the page on line 21