@ankurlko , Namaste ji,
While I am not aware of the facilities / screens of the on-line version of TurboTax, on the downloaded/CD version, Under the "Deduction & credits " tab, you would have to select "Foreign taxes paid/ accrued" and then depending on your choice either ask for credit for the taxes paid to a foreign taxing authority ( form 1116 ) or deduct the taxes if you are using itemized deduction on form 1040.
Note that there is a safe harbor amount of US$300 per filer ( US$600 for joint filer ) for foreign passive income taxed by imposed / paid. Else you.
have to use form 1116 which limits the foreign tax imposed/paid by a ratio of foreign source income to world income
Does this make sense ? Is there more i can do for you ?
I want to report tax paid on bank account interest earned in India. It allows me to add the interest earned but not the tax paid
@ankurlko , Namaste ji,
While I am not aware of the facilities / screens of the on-line version of TurboTax, on the downloaded/CD version, Under the "Deduction & credits " tab, you would have to select "Foreign taxes paid/ accrued" and then depending on your choice either ask for credit for the taxes paid to a foreign taxing authority ( form 1116 ) or deduct the taxes if you are using itemized deduction on form 1040.
Note that there is a safe harbor amount of US$300 per filer ( US$600 for joint filer ) for foreign passive income taxed by imposed / paid. Else you.
have to use form 1116 which limits the foreign tax imposed/paid by a ratio of foreign source income to world income
Does this make sense ? Is there more i can do for you ?