turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

Does TurboTax not support reporting a tax credit on foreign taxes for foreign income by a US resident alien if those taxes were paid in foreign currency, euros?

The IRS info suggests that a yearly average exchange rate is acceptable, although I see no space to mention that choice in Turbotax. But a small info box on turbotax said it could not be used to file a tax credit if taxes were paid in foreign currency.
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

5 Replies
pk
Level 15
Level 15

Does TurboTax not support reporting a tax credit on foreign taxes for foreign income by a US resident alien if those taxes were paid in foreign currency, euros?

No TurboTax does adequately handle foreign tax credit  ( form 1116 )  or deduction ( schedule-A)  triggered by taxes paid to a foreign tax authority on foreign earnings from that country.  What country are we talking about.   This is true for US citizen/resident( green card)/ resident for tax purposes but not for Non-Resident-Alien.

Does TurboTax not support reporting a tax credit on foreign taxes for foreign income by a US resident alien if those taxes were paid in foreign currency, euros?

I ended up scheduling a call with Turbotax. the solution was getting the desktop version to access the forms themselves in order to add the justifications needed (1116, 1099). It then e-filed. Adding this for potential other users.

Does TurboTax not support reporting a tax credit on foreign taxes for foreign income by a US resident alien if those taxes were paid in foreign currency, euros?

@sonia.fargue Thank you for posting this, been struggling with the same issue for a few days. Sounds like the desktop version is the solution.

Does TurboTax not support reporting a tax credit on foreign taxes for foreign income by a US resident alien if those taxes were paid in foreign currency, euros?

I saw the same small info box @sonia.fargue mentioned and it said you cannot file with the ONLINE version. Not sure why TT doesn't fix that, but right now you have to use the downloaded software version and enter the info in forms mode.

Does TurboTax not support reporting a tax credit on foreign taxes for foreign income by a US resident alien if those taxes were paid in foreign currency, euros?

Spain.  What is the form 1116 line number that allows a currency conversion explanation in TT laptop.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question