How do I show the sale of foreign stock and the estimated taxes I paid to the IRS in May 2017?

[KittyM · Accepted solution]

The sale of a foreign stock is reported on your return exactly as you would record the sale of a domestic stock (instructions are below).  Remember, you will need to convert your sale to US dollars to report in on your return.  

To do this in TurboTax, 

• In your open Federal return, choose Wages & Income
• Scroll down to Investment Income and Show more
• Start or Revisit Stocks, Mutual Funds, Bonds, Other
• Add a sale and answer Yes or No to the brokerage statement question
• If you answered Yes, on the next page "Choose your bank or brokerage," scroll down and select "I'll type it in myself." Enter your brokerage name and Continue to enter your stock sale.
• If you answered No, on the next page choose "Stocks" and continue with the interview. to enter your stock sale.  (If you need more info at any time, select Learn More.)

To enter your estimated payments in TurboTax, 

• In your open Federal return, select the Deductions & Credits tab
• Scroll down Estimates and Other Taxes Paid and Show more
• Start or Revisit Estimated Tax Payments

Your state and local tax payments are also entered here and automatically transferred to your state return. They will also flow to your itemized deductions, if you are itemizing.