I have investiments in Brazil.I receive profits that I'm declaring there and here.Which form to fill or how can i avoid double tax here in US?As I already pay in Brazil.

[priscilafcaldas]

Brazil and US has an agreement to avoid double taxation. But I'm not sure how to describe it...or which form to use...

[DaveF1006]

First you will report your investments as investment income.  I am not sure what type of investment income you have whether it be interest, dividends, or stocks and bonds because these all have a separate section in Turbo Tax to report to. Once the income has been entered, you will report to claim a foreign tax credit for the tax paid to Brazil. Here are some steps to get started.

1. Open Turbo Tax
2. Go to federal>wages and income
3. Investment and Savings.  Here are separate sections for interest, dividends, and stocks, bonds, crypto etc.

Once this income has been entered, then you can work on your Foreign Tax Credit.

1.  Go to federal>deductions and credits
2.  Estimates and other taxes paid
3.  Foreign Tax Credit

[priscilafcaldas]

Hello,

thank you for your prompt answer!

The only problem on putting in the Foreign Tax Credit it ask if i have an income from working outside the US. I didn't receive from working outside US, i only receive gains from investments. Would this be still applicable?

Thank you!

[ErnieS0]

You may be in the foreign income section instead of the foreign tax credit section.

1. Type foreign tax credit in Search (magnifying glass) in the upper right corner
2. Select Jump to foreign tax credit
3. Complete the screens to claim either the credit or deduction