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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?

 
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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.

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"

If this posted response is useful to you, please click on the upraised hand in the lower left of this post. Thank you. Scruffy Curmudgeon--PFFM/ IAFF, retired FireFighter/Paramedic - Locals 718/30, Veteran USAR O3 AIS/ASA '65-'67


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