Solved: I paid foreign tax on some of my security investments. The taxes paid are shown on my Vanguard and Merrill Lynch statements. Where do I report these on Turbo Tax?
Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
cancel
Showing results for 
Search instead for 
Did you mean: 
hellostan
New Member

I paid foreign tax on some of my security investments. The taxes paid are shown on my Vanguard and Merrill Lynch statements. Where do I report these on Turbo Tax?

 
1 Best answer

Accepted Solutions
ScruffyCurmudgeon
Level 9

I paid foreign tax on some of my security investments. The taxes paid are shown on my Vanguard and Merrill Lynch statements. Where do I report these on Turbo Tax?

See attached PDF showing the process of claiming the credit.

You must first have reported the foreign tax actually paid when you entered the Form 1099-IN or Form 1099-DIV, or possibly the Form 1099-B.


Notes:  Foreign source income is the sum of all income received in the Foreign Country on which you paid taxes.
If the only investments that were the source of the tax are mutual funds, instead of entering the country name, you can simply enter "RIC"

Scruffy Curmudgeon--PFFM/ IAFF, Locals 718/30, retired firefighter/medic; univ faculty NOT INTUIT EMPLOYEE
- Strategy & Quantitative Methods Med-M&M, Law discriminatory statistics, Med & PH - epidemiology statistics;
USAR 64-67 AIS/ASA MOS 9301 - O3
-------------------------------------------------------
-------------------------------------No Not an Intuit Employee - Just donating my time

View solution in original post

2 Replies
HelenaC
New Member

I paid foreign tax on some of my security investments. The taxes paid are shown on my Vanguard and Merrill Lynch statements. Where do I report these on Turbo Tax?

Do you show foreign tax paid on form 1099-DIV box 7? Usually they're reported on the tax form and you the foreign taxes paid get reported when you enter the tax form. Let me know if this is the case.
ScruffyCurmudgeon
Level 9

I paid foreign tax on some of my security investments. The taxes paid are shown on my Vanguard and Merrill Lynch statements. Where do I report these on Turbo Tax?

See attached PDF showing the process of claiming the credit.

You must first have reported the foreign tax actually paid when you entered the Form 1099-IN or Form 1099-DIV, or possibly the Form 1099-B.


Notes:  Foreign source income is the sum of all income received in the Foreign Country on which you paid taxes.
If the only investments that were the source of the tax are mutual funds, instead of entering the country name, you can simply enter "RIC"

Scruffy Curmudgeon--PFFM/ IAFF, Locals 718/30, retired firefighter/medic; univ faculty NOT INTUIT EMPLOYEE
- Strategy & Quantitative Methods Med-M&M, Law discriminatory statistics, Med & PH - epidemiology statistics;
USAR 64-67 AIS/ASA MOS 9301 - O3
-------------------------------------------------------
-------------------------------------No Not an Intuit Employee - Just donating my time

View solution in original post

Dynamic AdsDynamic Ads
v
Privacy Settings