1099-Div Line 7 Foreign taxes paid reporting Turbotax Business From 1065

Forum|Forum|11 months ago
April 10, 2025
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Where is this tax reported on the return? Is is not evident from the interview in Turbotax. The 1099-div was received from a brokerage form for a business account. Thank you

TurboTax Business Windows

ThomasM125

If the tax is less than $600 (married filing joint) or $300 (single filer) it will appear on line 1 of your Form 1040 schedule 1 and from there flow to line 20 of Form 1040. If it is more than that, you will need to complete the Foreign Tax section in TurboTax to see if you qualify for a credit for the foreign tax or want to deduct it as an itemized deduction. You need to go to the Estimates and Other Taxes paid section in the Deductions and Credits area of TurboTax, then choose Foreign Taxes to assign your foreign income to a country and report the taxes paid.

To view your form 1040 and schedule 1 to 3:

Choose Tax Tools from your left menu bar in TurboTax Online while working in your program
Choose Tools
Choose View Tax Summary
See the Preview my 1040 option in the left menu bar and click on it
Choose the Back option in the left menu bar when you are done

The foreign tax will only be credited to the extent of your US tax on foreign income. Any unused credit can be carried back one year or forward up to ten years.

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JLGTTAuthor

Thank you for the response, but the reporting is for foreign tax is in excess of $600 on a business return. It needs to be reported using form 1065. The 1099-Div received is for a partnership LLC.