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bvivers
February 16, 2024
Question

Canadian Stock acquired through company buyout of mutual Life insurance. 1099-DIV is from a Trust in NJ. Do I need to upgrade or can I file with the free version?

  • February 16, 2024
  • 1 reply
  • 0 views
No FIT is withheld, but the equivalent of $29 US dollars in taxes to Canada were paid.  Turbo tax help explained that if the Trust is US based, this is not considered a foreign account. Yet Turbo Tax will not let me file unless I upgrade.

1 reply

AmyC
AmyC
Employee
February 22, 2024

The account and 1099-DIV are considered US but the Canada account with $29 paid in tax to Canada is foreign tax paid. If you want to forfeit the $29 of tax credit, you can delete the entry  for the tax paid and file using the free version. Otherwise, an upgrade would cost more than the $29 credit.

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