Tax returns on foreign fund income

[JERRY-CH]

This year I got income from buying and selling foreign funds (some kind of funds bought and sold through foreign bank platforms) because they were foreign banks that didn't send me US tax forms. I don't know how I should report this income with turbotax. Thanks for answering!

[JulieS · Accepted solution]

You enter them in the same way that you enter domestic income, except that you have to convert all of the amounts to US dollars first. 

It sound like these are all capital transactions, so here is how to enter that:

1. Select Federal from the left side menu.
2. Select Wages and Income toward the top left.
3. Scroll down/ expand the list and look for Investment Income.
4. Click Start to the right of Stocks, Bonds, Mutual Funds, Other.
5. Answer Yes to Did you sell stocks, mutual funds, bonds, or other investments in 2021?
6. If you land on Your investment sales summary, select Add more sales 
7. On the Let's import your tax info screen, select I'll type it myself
8. On the screen titled,  Did you get a 1099-B or brokerage statement for these sales? answer No.
9. On the screen titled, Tell us about this sale, answer I'll enter one sale at a time. 
10. Fill in your information about the sale.
11. For Holding period, select F for property owned for more than one year. or C for property held one year, or less.

You can use this page to help you convert your foreign amounts to US dollars.