☰
✕
Sign In

Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
Level 2
posted Mar 1, 2021 3:01:41 PM

How to report the Foreign Income and Taxes Summary page from my Ameritrade brokerage 1099-B ?

Does this need to be reported in any way? The Grand Total states the Total Foreign Source Income, Qualified Foreign Source Income, and the Foreign Tax.

I imported my 1099-B into TT but it seems to have totally skipped this section of the 1099-B.

This page is separate from the Dividends & Distributions section of the 1099. The page states:

"This schedule lists all income and foreign tax by country. Mutual Funds and Unit Investment Trusts (UITs) structured as Regulated Investment Companies (RICs) are listed separately with a country
designation of “RIC.”

0 1 401
1 Replies
Expert Alumni
Mar 1, 2021 7:49:02 PM

You may qualify for a foreign tax credit if you paid foreign taxes.

 

You need to work through the foreign tax credit section to see if you qualify by using these menu tabs in TurboTax:

 

  1. Deductions and Credits
  2. Estimates and Other Taxes Paid
  3. Foreign Taxes