Foreign tax withholding


Ad

Advertisements

C

Cal Learner-- MVP

How do you enter foreign tax withholding in Money?
For stocks? It is not automatic. Suppose, for round numbers, a
foreign stock pays a $10 dividend and your broker credits you with
$7.50. You can enter/download a $7.50 dividend letting the proceeds
go directly to the Cash Transactions account as normal. Then enter a
second dividend transaction manually with the funds going to a "Cash
or other" account named something like "Foreign Tax Paid". At the
end of tax year, enter a spending transaction for income tax that
zeros the account.

Now you asked how I do it. I DID that for a while to check that
things worked as they were supposed to. It usually involved
estimating the amount of tax withheld. When I went over my numbers
at the end of the year I compared my estimates to the 1099 actuals.
But now I have stopped entering that data. I understand it and I am
content to let my broker keep those records for me.

It would be nice if that were automated. But in the scheme of
things, I can see a load of things having higher priority.
 

Ask a Question

Want to reply to this thread or ask your own question?

You'll need to choose a username for the site, which only take a couple of moments. After that, you can post your question and our members will help you out.

Ask a Question

Top