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How can I add foreign taxes in my capital gain income please ? With long-term sales section, did not received 1099-B form and checking other boxes, I cannot see it.

 
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3 Replies
JamesG1
Expert Alumni

How can I add foreign taxes in my capital gain income please ? With long-term sales section, did not received 1099-B form and checking other boxes, I cannot see it.

The foreign taxes can be reported within the Foreign Tax Credit screens.

 

At the screen Foreign Taxes Paid, select No, I have foreign taxes paid on rental, royalty, or other income.

Report the foreign taxes paid in the box Foreign Taxes on other income.

 

 

In TurboTax Online, follow these steps:

 

  1. Down the left side of the screen, click Federal.
  2. Down the left side of the screen, click Deductions & credits.
  3. Click the down arrow to the right of Estimates and Other Taxes Paid.
  4. Click to the right of Foreign Tax Credit.
  5. Follow the screens to see whether you qualify for the credit or deduction.
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How can I add foreign taxes in my capital gain income please ? With long-term sales section, did not received 1099-B form and checking other boxes, I cannot see it.

Thank you,

My point is when we have dividend, there is the box 7 for foreign tax paid, but with capital gain, I don't see this box for foreign tax paid when I am entering my foreign capital gain.

I would like to indicate my foreign capital gain tax and especially flag this income as foreign based.

 

Thank you 🙂

 

ThomasM125
Expert Alumni

How can I add foreign taxes in my capital gain income please ? With long-term sales section, did not received 1099-B form and checking other boxes, I cannot see it.

There is no option to report foreign taxes paid or assign the income to a foreign country when you enter an investment sale, like there is when you enter dividends off of a Form 1099-DIV. You report the investment sale, then you go to the foreign tax credit section, as mentioned by @JamesG1 , and assign a country to the foreign income and enter the foreign taxes paid on it.

 

 

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