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: 
enginemanphilipp
New Member

Will I ever get to claim foreign tax credit on interest income? can the program after entering my country of residence not go to alternative tax?

many attempts unable to claim foreign tax credit on interest income. last year no problem claiming. after entering my country of residence in 2017 program jumps to amt?
1 Best answer

Accepted Solutions
MarilynG
Expert Alumni

Will I ever get to claim foreign tax credit on interest income? can the program after entering my country of residence not go to alternative tax?

The Foreign Tax Credit is to claim a Credit (against Tax) for tax you paid on foreign income.  Interest income on a foreign investment would be considered unearned Income.

In TurboTax, enter the amount of foreign interest that you received in the Interest Income section, even if you have no 1099-INT.  You can use the Search to Jump To this section.  

Check the box that says 'My Form has info in more than just box 1' to enter any Foreign Tax paid (see screen shot). 

Here's more info:

https://ttlc.intuit.com/replies/4559531

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post

1 Reply
MarilynG
Expert Alumni

Will I ever get to claim foreign tax credit on interest income? can the program after entering my country of residence not go to alternative tax?

The Foreign Tax Credit is to claim a Credit (against Tax) for tax you paid on foreign income.  Interest income on a foreign investment would be considered unearned Income.

In TurboTax, enter the amount of foreign interest that you received in the Interest Income section, even if you have no 1099-INT.  You can use the Search to Jump To this section.  

Check the box that says 'My Form has info in more than just box 1' to enter any Foreign Tax paid (see screen shot). 

Here's more info:

https://ttlc.intuit.com/replies/4559531

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
Dynamic AdsDynamic Ads
Privacy Settings
v