I am a US Citizen and bona fide resident in Canada. In 2016 I sold US stock for which I received a 1099-B. Do I pay tax in Canada or the US? How/where do I claim?

[LinaJ2018 · Accepted solution]

As a US citizen, you are required to report worldwide income.  Therefore, you need to report the Form 1099-B on your US tax return Form 1040.  However, if you paid foreign taxes to Canada on the same amount of proceeds, you may claim a foreign tax credit on a Form 1116 with your US taxes. 

To enter Form 1099-B information in TurboTax Premier online program, go to:

• After sign into your account, select the orange button Take me to my return 
• At the right upper corner, in the search box, type in 1099B and Enter 
• Select the 1st choice on the search results - Jump to 1099B 
• The next screen, Did you sell any investments in 2016? select Yes to continue

To enter form 1116, foreign tax credit :

• After sign into your account, select the orange button Take me to my return
• At the right upper corner, in the search box, type in foreign tax credit and Enter
• Select the 1st choice on the search results - Jump to foreign tax credit 
• Start with screen Foreign Taxes and select Continue to follow prompts.