Question

Foreign taxes paid on capital gains

Forum|Forum|1 year ago
March 21, 2025
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I entered all the details of capital gains and losses on stocks bought and sold in Indian stock market in schedule D. I entered foreign interest and dividends in schedule B.

I noticed that only foreign interest and dividends appear in Form 1116 and corresponding worksheet. How do I handle foreign capital gains/losses, and foreign taxes paid on these gains? Where do I report them in Turbotax? Should I directly edit Form 1116 worksheet (Part I - g1) and enter these details? Is there another place (through the interview process), where this information should be entered?

Any help will be greatly appreciated?

R

rogge1722

Download the “2024 Instructions for Form 1116” and “Pub 514”.

Open the f1116 instructions and go to page 10. Under the heading “Adjustments to foreign capital gains and losses,” you will be using either worksheet A or B or the worksheet in Pub 514. The instructions will guide you to determine which worksheet to use. Whichever worksheet is used, after completion, you will have the amount to insert into f1116 line 1a. You can insert that amount into the f1116 worksheet location as indicated in your posting.