Solved: Does Pennsylvania allow a tax credit for foreign income taxes on taxable dividend income?
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dleonard
Level 1

Does Pennsylvania allow a tax credit for foreign income taxes on taxable dividend income?

I have dividend income that is taxable in Pennsylvania and was taxed in another country. Is a foreign tax credit or deduction allowed by Pennsylvania?

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maglib
Level 10

Does Pennsylvania allow a tax credit for foreign income taxes on taxable dividend income?

You get a credit only for Federal Taxes for fgn taxes paid.  Not on your state returns.
in the 1099-div  section of the interview.  under the 1099-div there should be an amount in Box 6  note you will have to check a box that your 1099 has more than just these boxes to be able to input an amount in box 6.  You then take a federal deduction during the Deductions & Credits interview for Foreign taxes paid.

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1 Reply
maglib
Level 10

Does Pennsylvania allow a tax credit for foreign income taxes on taxable dividend income?

You get a credit only for Federal Taxes for fgn taxes paid.  Not on your state returns.
in the 1099-div  section of the interview.  under the 1099-div there should be an amount in Box 6  note you will have to check a box that your 1099 has more than just these boxes to be able to input an amount in box 6.  You then take a federal deduction during the Deductions & Credits interview for Foreign taxes paid.

View solution in original post

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