KarenJ
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- Got Cheered for You would input the total of the contributions you made b.... July 13, 2020 3:22 PM
- Got Cheered for Please leave the field blank and do not enter any US inco.... July 10, 2020 10:25 PM
- Got Cheered for If the software has entered a number for 3a, you can just.... May 29, 2020 11:07 PM
- Got Cheered for No, the deductions related to your foreign earned income.... May 26, 2020 1:01 AM
- Got Cheered for Unfortunately, you will not receive foreign credit on you.... May 18, 2020 10:41 PM
- Got Cheered for First I want to make sure that you know that you have to.... April 28, 2020 10:57 PM
- Got Cheered for Custodial accounts are those that the bank is holding for.... April 28, 2020 5:17 PM
- Got Cheered for That percentage is a percentage of the total dividends. S.... April 5, 2020 4:03 PM
- Got Cheered for Once you enter your W-2 income in the Wage & Income secti.... March 30, 2020 7:22 AM
- Got Cheered for Yes, you need to include your Canadian pension income on.... March 16, 2020 2:10 PM
- Got Cheered for You can enter your Canadian RRSP distribution as follows:.... March 16, 2020 12:48 PM
- Got Cheered for For Form 8938, the instructions indicate that you should.... March 12, 2020 5:19 AM
- Got Cheered for Answer "Yes" it is a RMD and "All is RMD" As you are re.... February 13, 2020 3:35 PM
- Got Cheered for You would need to know the amount of RSU included in your.... January 28, 2020 8:42 PM
- Got Cheered for You will need to also enter your foreign rental income in.... January 5, 2020 12:43 PM
- Got Cheered for No, just the correct return 1040NR.. January 4, 2020 10:27 AM
- Got Cheered for Please see the following requirements to declare someone.... October 14, 2019 9:05 AM
- Got Cheered for You should mail your return and completed W-7 and identit.... August 4, 2019 6:06 PM
- Posted Sourcing rules are contained largely in IRC 861- 863 and... on Deductions & credits. June 11, 2019 10:27 AM
- Posted Hi Tom... closing shop for the day.. will look for it. on Deductions & credits. June 11, 2019 10:27 AM
June 11, 2019
10:27 AM
Sourcing rules are contained largely in IRC 861- 863 and 865. The statutory rules cover interest, dividends, compensation for services, rents and royalties, gains from sales of property and social security benefits
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June 11, 2019
10:27 AM
Hi Tom... closing shop for the day.. will look for it.
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June 11, 2019
10:27 AM
No you would calculate foreign workdays on all your RSU income. If 240 workdays during the year and 120 of the workdays were foreign you would calculate 120/240 * RSU income = foreign income from RSU. If you were working overseas in 2017, then your base salary can be allocated by workdays as well (but only on 2017workdays) Bonus would usually be allocated using prior year workdays if some of it was earned overseas.
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June 11, 2019
10:27 AM
1 Cheer
You would need to know the amount of RSU included in your W-2 wages. After determining this amount, you will need to allocate the income by between foreign and US workdays between grant and vest. If 50% of your workdays during this time were in a foreign country, then 50% of your RSU income would be foreign source. US source income cannot be offset by foreign tax credits. You would enter you W-2 as you normally would in TurboTax. Then you would go to Miscellaneous income to enter the amount of foreign source RSU income as a negative number on line 21, page 1 of your 1040.
Please follow the instructions below to report your foreign RSU income as a negative on line 21:
Click Federal Taxes ->
Wages & Income and scroll down to Less Common Income
Go to the last selection,
Miscellaneous Income and click Start
Go to the last option,
Other reportable income and click Start
When it asks, "Any
other reportable income?" say yes and then type in a description and
the amount to report it on your tax return (make sure this is a negative number)
The you need to go to the foreign tax credit section of TurboTax to enter the foreign income (amount that you entered as a negative on line 21) so that you may take credit for the foreign taxes you already paid.
To include the
amount of foreign taxes you paid, follow these steps for TTPremier:
Open up your tax return in
TurboTax
Select Federal Taxes
Select Deductions and Credits
Scroll down to the section
"Estimates and Other Taxes Paid"
Select Foreign Taxes
Follow through this section
to enter the foreign taxes paid
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June 11, 2019
10:27 AM
This year they are asking what part of the W-2 is foreign so you do not need to subtract it one place and reenter it another place. RSU would be general limitation income.
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June 11, 2019
10:27 AM
If this situation applies to you. Enter your W-2 information and then go to Foreign Earned Income Exclusion and indicate that you received foreign income on a W-2. TurboTax will ask you how much of your W-2 was foreign. Indicate the foreign amount and continue. You do not want to claim the foreign earned income exclusion, only foreign tax credit.
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June 7, 2019
5:36 PM
You can e-file your return or you can postmark your return on April 15th.
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June 7, 2019
5:35 PM
1 Cheer
Custodial accounts are those that the bank is holding for the person and depository accounts are those that the bank must be responsible for (savings and checking accounts.
A "custodial account" is an arrangement for holding a financial instrument, contract, or investment (including corporate stock, a note, bond, debenture or other evidence of indebtedness, a currency or commodity transaction, a credit default swap, a swap based upon a nonfinancial index, a notional principal contract (as defined in §1.446-3(c)), an insurance or annuity contract, and any option or other derivative instrument) for the benefit of another person. Reg. §1.1471-5(b)(3)(ii).
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June 7, 2019
5:33 PM
Yes, according the the instructions for Form 5695, Residential Energy Credit:
If you can't use all of the credit because of the tax liability limit (that is, line 14 is less than line 13), you can carry the unused portion of the credit to 2020..
You should not include the cost of financing the solar panels in the solar panel cost entered in your tax return. So only include the total before interest.
[Edited 03.18.20 | 11:01 ]
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June 7, 2019
5:33 PM
1 Cheer
If the software has entered a number for 3a, you can just explain that it is a software computed amount.
Please see the instructions from Form 1116, page 16 below:
https://www.irs.gov/pub/irs-pdf/i1116.pdf
Lines 3a and 3b Some deductions don't definitely relate to either your foreign source income or your U.S. source income. Enter on lines 3a and 3b any deductions (other than interest expense) that: • Aren't shown on line 2, and • Aren't definitely related to your U.S. source income.
Line 3a. Enter the following itemized deductions (from Schedule A (Form 1040)) on line 3a. • Medical expenses (line 4). • General sales taxes (line 5). • Real estate taxes for your home (line 6). If you don't itemize deductions, enter your standard deduction on line 3a.
Line 3b. Enter on line 3b any other deductions that don't definitely relate to any specific type of income (for example, the deduction for alimony paid from Schedule 1 (Form 1040), line 31a
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