While I have nothing useful to say about tracking foreign taxes paid in
GnuCash, I will add that IRS Form 1116
(https://www.irs.gov/forms-pubs/about-form-1116) is unpleasant to deal
with and the firm that I work for usually elects not to file it, if the
client meets the election requirements
(https://www.irs.gov/instructions/i1116#en_US_2022_publink11441fd0e81),
which in most cases is limited by bullet point #3 on that first list:
"Your total creditable foreign taxes aren't more than $300 ($600 if
married filing a joint return)." Well, as long as we are talking about
individual returns and not fiduciary (estates, trusts) returns...
It does not look like Open Tax Solver supports form 1116 -
https://opentaxsolver.sourceforge.net/forms.html
Brad
On 5/14/23 07:43, Fred Tydeman wrote:
When I get the 1099 DIV forms for mutual funds and stock brokerage accounts,
I add two transactions dated year end (if this is the only mention of
foreign taxes):
Foreign tax: +xxx (expense)
Dividend: +xxx (income)
for each net foreign tax paid for each security.
I am looking for the total of all the foreign tax entries.
Other investments, tell me about each gross dividend / interest payment and
how
much foreign tax was withheld. Those I can enter as each is done.
On Sun, May 14, 2023 at 4:24 PM Ken Farley<farle...@gmail.com> wrote:
Form 1116 has cost me at least a couple of iterations of filing my taxes
in the past. It would be nice if something told me I needed it...but
unless I was paying taxes to a foreign nation directly, meaning a
transaction occurs in one of my accounts, I don't see how I would have
it included in this report. Dividends I get, interest received, capital
gains, etc. These are all entries into my ledgers that the report can be
told to use. The taxes paid that are useful for the Form 1116 tax credit
are only known to me when I get my 1099 Forms from my investment
brokerage. I have absolutely no idea what they will be until I see that
entry in the form. So, I don't understand how the tax report in Gnucash
would be able to supply you with this information?
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