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Subject Author Date
1099-DIV Foreign Tax Paid Greg Grotyohann 07-11-2007
Posted by scott s. on July 13, 2007, 3:36 pm
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> Just a question on a somewhat related note. Does Turbo Tax handle the
> 1116 Form?

Yes, but be prepared to do a lot of manual work, unless your
situation is very simple.

scott s.
.

Posted by Oilcan on July 12, 2007, 12:50 am
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 I think you are okay. Create a sub category under Taxes called Foreign and
map to Schedule A Other Taxes. This is the only place where it seems it can
map to. I am not a tax expert. The entry would be a deposit into Checking
for the net amount with the Gross Dividend to _DivInc and the Taxes as a
neg. amount to the new sub category.

Oilcan

>I have Alcatel-Lucent stock which deducts French withholding tax from
>dividends. I'm trying to create a category in Quicken that maps to Line 6
>(Foreign Tax Paid) on a 1099-DIV but can't find it. Anyone have any ideas?
>
> Thanks,
>
> Greg
>


Posted by scott s. on July 12, 2007, 3:51 pm
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> I have Alcatel-Lucent stock which deducts French withholding tax from
> dividends. I'm trying to create a category in Quicken that maps to
> Line 6 (Foreign Tax Paid) on a 1099-DIV but can't find it. Anyone have
> any ideas?

there are two problems: categorizing the expense and transferring the
data to ttax. For the first, I simply use subcategories:
Tax
---Foreign
-----UK (country tax is paid to).

For tansferring, I file the form 1116 and have never found a way to
get Quicken (currently using Q05) to properly transfer the amounts.

scott s.
.

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