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Level 3
posted Mar 27, 2023 7:21:13 AM

something about I have foreign tax?

I don't have any income outside of the US but every time turbotax does a review it says something about me having a foreign tax.  I don't remember the actual wordings.

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1 Best answer
Level 15
Mar 27, 2023 7:29:42 AM

If you own mutual funds (MF), they may have invested in foreign securities that pay dividend or interest.  The MF may have paid foreign tax.  You get to claim your share as a deduction or credit (usually the credit).  If there is an amount in box 7 of your 1099-DIV or box 6 of your 1099-INt, you are entitled to a credit. For most people, it is automatic, in TT, unless you get bogged down in the form 1116 interview. 

1 Replies
Level 15
Mar 27, 2023 7:29:42 AM

If you own mutual funds (MF), they may have invested in foreign securities that pay dividend or interest.  The MF may have paid foreign tax.  You get to claim your share as a deduction or credit (usually the credit).  If there is an amount in box 7 of your 1099-DIV or box 6 of your 1099-INt, you are entitled to a credit. For most people, it is automatic, in TT, unless you get bogged down in the form 1116 interview.