You'll need to sign in or create an account to connect with an expert.
No. The contributions to your 401k withheld on your W-2 are not considered IRA deductions. They have been subtracted from your pay before taxes.
The SW on your 1099-DIV is a country code. If you have an amount in box 7, you paid foreign taxes and may get a credit for those taxes.
To calculate the credit for foreign taxes paid please follow these steps:
Continue through the screens. You will be asked to select the country where you earned the income.
So I should delete any information I did in the section called "Traditional IRA and Roth IRA"?
I see that I am getting a deduction for my foreign tax, but it never asked for anything regarding box 8, would this be fine?
Yes, you will need to delete anything you entered in the IRA section if that was for the 401(k) contributions reported in box 12 for your W-2 (and already deducted from box 1 of your W-2).
An IRA is different than a 401(k), and you only make entries in the IRA section if you contributed to an IRA.
For the foreign tax, if TurboTax is not asking about the country, it has all the information it needs for your foreign tax credit.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
SelenaP
New Member
jogger23
New Member
mjmoor60
New Member
herosareangels
New Member
royscottmcnutt-g
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.