How do you take - credit for "Foreign tax paid"- taken out of 401K account ? As there is no 1099.?

3 ⤊

How do you take - credit for "Foreign tax paid"- taken out of 401K account ? As there is no 1099.?

Typically on 1099- line 6- Foreign tax is reported which shows up as a credit in 1040. In 401 K- Brokerage house do not send 1099 or they don't report foreign tax taken out to IRS- so how do you take the credit ?

2007-03-19 04:38:34 · 3 answers · asked by Girish 1 in Business & Finance ➔ Taxes ➔ United States

3 answers

You cannot take the foreign tax credit on a tax-sheltered investment.

2007-03-19 05:53:45 · answer #1 · answered by ninasgramma 7 · 1⤊ 0⤋

You do not pay taxes on income while it is inside a 401K. Because of that the government will not allow you to take a foreign tax credit.

2007-03-19 05:07:24 · answer #2 · answered by jks_mi 3 · 2⤊ 0⤋

A 401K is a pension and is not reported on your return. That's why there is no 1099.

2007-03-19 04:51:31 · answer #3 · answered by ? 4 · 0⤊ 0⤋