topic foreign taxes in Get your taxes done using TurboTax

foreign taxes

oliver1255 — Mon, 29 Mar 2021 12:34:46 GMT

We have filled in the turbo tax, but when we review we keep getting a request to fill in Part II, foreign taxes paid on line 8 page 3 of the tax form. We didn't pay foreign taxes unless it was on our Stifel portfolio and we downloaded those tax info account numbers. If there were foreign taxes paid through that wouldn't the Turbo tax have that info from our account numbers?

Re: foreign taxes

ErnieS0 — Mon, 29 Mar 2021 18:40:14 GMT

TurboTax is probably asking about foreign taxes because some investments in your Stifel portfolio paid foreign taxes.

Check for 1099-DIV. Is there an amount in Box 7 Foreign Tax Paid?

You can claim a credit or deduction for foreign taxes. The credit is usually better but is more complicated. If you don't want to work through the calculations, tell TurboTax you want to take the deduction.

For help click Where do I enter the foreign tax credit (Form 1116) or deduction for 2020?

Related Resource:

Filing IRS Form 1116 to Claim the Foreign Tax Credit

Re: foreign taxes

oliver1255 — Thu, 01 Apr 2021 11:46:25 GMT

Thank you so much, that was the solution to the problem!