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aplegros
New Member

How do I enter the tax amount I pay in Germany for the capital gains on US investments I also pay tax on in the US?

 
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1 Reply
ThomasM125
Employee Tax Expert

How do I enter the tax amount I pay in Germany for the capital gains on US investments I also pay tax on in the US?

You need to go to the Estimates and Other Taxes paid section in the Deductions and Credits area of TurboTax, then choose Foreign Taxes to assign your foreign income to a country and enter the tax paid. You will get credit for your foreign taxes to the extent of your US tax on foreign income. Any unused credit can be carried back one year or carried forward up to ten years.

 

You can also opt for an itemized deduction for the foreign taxes in the same section, but the credit normally provides a better tax benefit.

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