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- Foreign tax income on Schedule B worksheet
Foreign tax income on Schedule B worksheet
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linduca1216
Level 7
03-26-2022
04:24 PM
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When entering foreign income amount on the Schedule B worksheet, do you report ALL foreign dividend income or only the portion related to the foreign taxes paid?
I am getting a credit carryover when I show all foreign income. Am thinking I should all report that portion related to the foreign taxes paid to avoid this.
Thanks... Hope everyone is hanging on...(albeit by a thread..>)
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2 Comments 2
rcherenson
Level 4
03-26-2022
07:30 PM
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Only the foreign source income.
If the statement gives you foreign source income near the end of the brokerage statement, use that. Most brokerages provide. If not, (Schwab and a few others do not report it separately) use the dividend amount in 1(a).
linduca1216
Level 7
03-28-2022
09:08 AM
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Yes, they do provide it. The question is should I use ALL foreign income (from all countries) or just the foreign income related to the foreign tax paid amount. I'm thinking if I only use the foreign tax for the country in question, the foreign tax paid will flow to 1040. As it is now, it doesn't. (because of the total amount is my guess)
