How to add foreign tax information? It only allows me to add interest on foreign income.

[ankurlko]

Using TurboTax paid desktop version

[Anonymous_]

You may need to be more specific, @ankurlko 

@pk

[ankurlko]

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

[pk · Accepted solution]

@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 ?

[clstrickk]

Thanks, Great info, I think I got it