You need a Form 1116 when your total foreign taxes paid is over $300/$600. Here’s a walkthrough for how to do it in TurboTax and H&R Block software.
Latest Blog Posts
Backdoor Roth: Planned vs Unplanned
If you did an unplanned backdoor Roth, clean up and make it planned from now on.
Long Box Spread Trade vs Buying Treasury Note or CD
A long box spread can be a good alternative to buying a Treasury note or a CD if you don’t screw up your order. Here’s how to do it at Fidelity.
2021 Self-Employed ACA Health Insurance Deduction In TurboTax
If you’re self-employed and you buy health insurance from the ACA exchange, here’s how to use TurboTax to calculate the subsidy and tax deduction.
How to Report 2021 Backdoor Roth in H&R Block Tax Software
Follow these step-by-step instructions with screenshots and clear explanation to report your Backdoor Roth for tax year 2021 in H&R Block tax software.
How To Report 2021 Backdoor Roth In TurboTax (Updated)
Follow these detailed step-by-step instructions with clear explanation and many screenshots when you report your Backdoor Roth in TurboTax.
Short Box Spread Trade vs Margin Loan: How It Works at Fidelity
A short box spread trade effectively gets you a loan at a low fixed rate for a fixed term. Don’t do it if there’s any chance you’ll make a mistake.
TurboTax 2021 CARES Act 2.0 $600 Charity Donation Deduction
You need some patience to find the right place in TurboTax for the $300/$600 charity donation deduction for 2021 when you take the standard deduction.
How To Use Password Manager with TreasuryDirect for I Bonds
Do this trick when you buy I Bonds and use a secure password stored in a password manager instead of the virtual keyboard on the TreasuryDirect website.
How To Report 2021 ESPP Sale In TurboTax: Don’t Pay Tax Twice!
Follow these detailed steps with screenshots for how to adjust the cost basis in TurboTax when you sell ESPP shares. Otherwise you will get double-taxed.