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anterol
New Member

How to report foreign mutual fund sale

 
2 Replies
MargaretL
Employee Tax Expert

How to report foreign mutual fund sale

Please follow the steps below to report foreign mutual fund sale:

  1. Federal Taxes
  2. Wages and Income
  3. Scroll down to Investment Select Stocks, Mutual Funds, Bonds, Other - select No to 1099-B question, No to Financial Institution and enter name of your foreign institution.  Follow the prompts. You will able to enter your sale information. This will result with all your mutual funds reported on its respective form and Schedule (form 8949 and Schedule D) 

If you paid any foreign tax, please use below steps for data entry of the foreign tax:

  1. Federal Taxes
  2. Deductions and Credits
  3. Estimates and Other Taxes paid, select Foreign Tax - the initial portion of the interview may not apply to you, it asks about forms such as 1099-Int, 1099-Div; just bypass the questions until you re able to enter foreign taxes that are not withheld on those forms.
DaveF1006
Employee Tax Expert

How to report foreign mutual fund sale

To report your sale, you will enter this like a regular investment sale.

  1. Log or open Turbo Tax
  2. Go to federal or the Federal Tab
  3. Wages and Income.
  4. Scroll down to Investment Select Stocks, Mutual Funds, Bonds, Other - select No to 1099-B question, No to Financial Institution and enter name of your foreign institution. Follow the prompts. You will able to enter your sale information.
  5. if you have foreign accounts, you may have an additional reporting requirement such as FINCEN or FBAR. Please read this IRS link for more details.
  6. Ignore the reference to the 1099-B. If it doesn't let you proceed, report it like you have a 1099-B in your hand. It is not necessary to have a 1099-B to report an investment sale.

[Edited 03-14-2021|11:17 AM PST]

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