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April 10, 2022
Question

I sold foreign stock with a foreign bank and paid tax on the capital gain. I did not receive a 1099-B. How do I enter the foreign tax paid to obtain a foreign tax credit?

  • April 10, 2022
  • 1 reply
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1 reply

Employee
April 10, 2022

First, in the regular stock sale data entry interview you enter all the info about the stock sale (dates, proceeds, basis). When asked say it was not reported on a 1099-B. That is no big deal.

 

Then goto and answer the foreign tax credit interview questions. Get there by searching for "Foreign Tax Credit" and clicking on "Jump to foreign tax credit" or my looking under Deductions & Credits / Estimates and Other Taxes Paid / Foreign Taxes.

 

The FTC is astonishingly complicated, but I think you have one of the straightforward simple cases. If you have any questions when doing the interview feel free to ask again.

 

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