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After adding all the details about foreign equity earnings, turbo tax is asking to upload form 1099-B. I don't get this form from my broker. Any idea how to skip it?
As per my knowledge, I am requried to pay income tax on my worldwide income in USA as I am US tax resident and I sold some Indian equity through a broker in India. So in India, I'll get the TDS back(if deducted) and I need to declare the same in my US income and pay taxes here.
Yes I am using online version of turbo tax and it is asking me to upload form 1099-B to file the return if I declare my foreign income.
If you don't have a 1099B, you are unable to upload. you will need to enter the information manually. Here is how to report.
- Once you are in your tax return, click on the “Federal Taxes” tab ("Personal" tab in TurboTax Home & Business)
- Next click on “Wages & Income” ("Personal Income" in TurboTax Home & Business)
- Next click on “I’ll choose what I work on” (jump to full list)
- Scroll down the screen until to come to the section “Investment Income”
- Choose “Stocks, Mutual Funds, Bonds, Other” and select “start’ or “update” is you have already worked on this section.
- The first screen will ask if you sold any investments during the current tax year. Answer “yes” to this question)
- Since you did not receive a 1099-B, answer “no” to the 1099-B question
- Choose type of investment you sold - Here you will pick the closest classification that matches the entries in the drop-down.
- Finish the section reporting the details of your sale.
If reporting in Turbo Tax online, you will need to report in this manner.
- Once you begin entering information in this section, it will ask you to import your information. Say that you will enter this a different way.
- Now instead of selecting stocks and bonds, select other.
- Next screen enter the broker information.
- Next you can indicate this is a stock sale and then proceed through the rest of the interview. You will need to report this in this manner since you haven't received a 1099B.
[Edited 02/17/25|2:54 pm PST]
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