topic Re: Foreign Assets? in Get your taxes done using TurboTax

Foreign Assets

qf419700 — Sun, 23 Feb 2020 18:56:22 GMT

Re: Foreign Assets

LinaJ2020 — Sun, 23 Feb 2020 19:10:50 GMT

What is your question?

Re: Foreign Assets?

qf419700 — Sun, 23 Feb 2020 21:38:46 GMT

Sorry for the blank screen earlier.

Turbo Tax is not clear to me regarding how to handle foreign source income. I have 2 mutual funds and 4 stocks purchased and held in an American brokerage company. These are not in foreign banks or in trusts.

Turbo Tax tries to define foreign assets and it appears that I am not subject to define my assets as foreign but further questions about the subject confuse the issue. The income from these investments total about $3,464 and my 1099-div shows a foreign tax paid of $248.

Do I have to consider this foreign income further?

Re: Foreign Assets?

DavidD66 — Sun, 23 Feb 2020 21:59:03 GMT

No, you don't need to consider it further. Just enter your 1099-DIV/INT/B. If asked for a country where foreign tax was paid, use "various".