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progree

(11,920 posts)
5. Ughh. BTW, do you have foreign tax credits/deductions - I found it impossible to understand the instructions
Tue Feb 18, 2025, 04:28 AM
Feb 2025

Using TurboTax since 2017 or so.

Every year I just plow through just guessing at some of the answers to questions (even though it uploads all that information from my downloaded 1099's). The foreign tax credits/deductions (one has to choose one or the other, so one has to do it both ways to see which comes out the best, usually the credit, but not always) arise from an emerging markets, international growth, and total international funds I have in a regular account. (I'm a big fan of diversity even though none of these have done anywhere near as well as an S&P 500 index fund for example).

So far have never gotten any audit notices or anything like that.

I know we might get the usual about how "I have a great tax preparer and it's done in 40 minutes" etc. etc. Well, I had one for 35 years, and interestingly his software had issues with Form 8606 too (I have some non-deductible IRA contributions). I check EVERYTHING, that's just the way I am, and sometimes I'd have to go 3 rounds with him before it was all OK. (In truth, I don't check the foreign tax credit / deduction part).

I haven't begun my taxes yet -- too much time just trying to keep up with the news.

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