It depends. Yes, TurboTax can handle foreign investments - with some exceptions. If you're a US citizen or resident, you'll need to report all of your income, whether it was earned in the US or abroad. See this help article for more information.
If you pay taxes to a foreign country, you may be able to take advantage of the Foreign Tax Credit, or a deduction, if you itemize.
You can usually invest in many foreign companies using U.S. based investments, such as mutual funds. However, it's possible to buy mutual funds based in other countries. Be careful before you do, though. Owning a mutual fund from a foreign country may result in different tax treatment. And, if one of your investments is determined to be a passive foreign investment company (PFIC), it may be taxed at a much higher rate. See this tax tips article for more information.
TurboTax can handle foreign rentals. Just convert income and expense items to US Dollars.
There are a few foreign tax situations that are outside the scope of TurboTax. For example, TurboTax doesn't currently support Form 5471, Information Return of U.S. Persons With Respect To Certain Foreign Corporations. Certain U.S. citizens and residents who are officers, directors, or shareholders in certain foreign corporations file Form 5471 and schedules to satisfy the reporting requirements of sections 6038 and 6046, and the related regulations. TurboTax also doesn't support Form Form 5713, International Boycott Report (and related forms).
See this help article for a complete list of forms that are not supported by TurboTax.
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