My wife has a UK 'Self-Invested Pension Plan' invested in UK mutual funds. She sold part of her holding last year and had 10% deducted for UK tax. How can I report the foreign-sourced passive income and foreign tax paid on Form 1116 via TT? (These sums are bigger than the few hundred $$ in foreign tax reported on my 1099-DIV forms, and I understand TT needs to the biggest amounts to come first.)
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Yes, this is a two-pronged process. To report the sale of her holdings.
You'll now be able to enter the total proceeds (sales) and cost basis, along with the sales category. Refer to your supporting documentation for details about the sale.
To claim the Foreign Tax Credit:
Yes, this is a two-pronged process. To report the sale of her holdings.
You'll now be able to enter the total proceeds (sales) and cost basis, along with the sales category. Refer to your supporting documentation for details about the sale.
To claim the Foreign Tax Credit:
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