Man... I apologize in advance as this may require follow up answers but I'll try to provide what I think is relevant information as I'm pretty confused.
We are young retirees filing a joint tax return. My wife works part time but our income is low so we should be getting much of the $1925 in Federal Tax she paid for the year back. We are using Turbo Tax.
We have a sizeable taxable brokerage account at Vanguard which owns essentially a few Vanguard Index ETF's including VXUS (Vanguard Total International Stock Index etf)
On the 2023 1099 DIV Form from Vanguard under Dividends and Distributions
box 5 - section 199a dividends - $1672.74
box 7 - Foreign tax paid - $869.37
Right now we have a $269 Federal refund coming before I enter anything into the Foreign Tax credit section. When I start walking through it I get very confused and the Boglehead Wiki page on Foreign Tax Credit did not clarify this for me. Turbo tax mentions a Form 1611 and also Alternative Minimum Tax...?
Our total income for both of us is around $75,000 and we maxed out our IRA contributions to further reduce that total.
I'm not sure where to go from here as I am pretty confused. Any help would be appreciated. If more information is needed please let me know.
We are young retirees filing a joint tax return. My wife works part time but our income is low so we should be getting much of the $1925 in Federal Tax she paid for the year back. We are using Turbo Tax.
We have a sizeable taxable brokerage account at Vanguard which owns essentially a few Vanguard Index ETF's including VXUS (Vanguard Total International Stock Index etf)
On the 2023 1099 DIV Form from Vanguard under Dividends and Distributions
box 5 - section 199a dividends - $1672.74
box 7 - Foreign tax paid - $869.37
Right now we have a $269 Federal refund coming before I enter anything into the Foreign Tax credit section. When I start walking through it I get very confused and the Boglehead Wiki page on Foreign Tax Credit did not clarify this for me. Turbo tax mentions a Form 1611 and also Alternative Minimum Tax...?
Our total income for both of us is around $75,000 and we maxed out our IRA contributions to further reduce that total.
I'm not sure where to go from here as I am pretty confused. Any help would be appreciated. If more information is needed please let me know.
Statistics: Posted by HuckFinn — Tue Jan 30, 2024 7:45 pm — Replies 2 — Views 224