[GNC] Tax report options

[Brad Morrison]

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<farleykj at 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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