In 2023, my previous company in India compensated each employee for the loss in value of their stock options due to the separation of an entity.
The umbrella company had three subsidiaries - A, B, and C. When C was separated, the umbrella company compensated for the loss in stock price.
There was no stock sold here. I still maintain the same count of the shares with a slightly lower value.
I left this company in 2018 and stocks were in the form of ESOPs.
The payments made have been subject to withholding tax at the maximum rate of 30% (plus applicable surcharge and cess) following the new regime of tax in India.
I am filing taxes in the US now. How do I show this income and claim foreign tax credit for the tax paid in India using TurboTax?
I have not received any tax document, just the details of loss in value, total no. of shares, gross value, and tax paid.
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Here is how to report.
Now to claim the foreign tax paid.
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