DaveF1006
Expert Alumni

Get your taxes done using TurboTax

If there is an audit that is generated, be sure to document all your efforts in determining what the percentage numbers are and keep this documentation handy in case if the IRS questions your good faith estimate.

 

Details are important which includes all your best efforts in obtaining the percentage numbers. Especially explain how you attempted to contact Vanguard for more specific information and how you were denied and keep a copy of this entire thread regarding the tax advice you received. 

 

As far as Turbo Tax, we cannot help without knowing specific information that only you or your broker would know. What i can suggest you do is if you are using Turbo Tax Online, I suggest you might consider the Full Service option.  You may pay a little more for this but since Turbo Tax will take responsibility for an accurate report of your return, especially the accuracy of all calculations that  are reported in the return. in this case, you can shift the responsibility to us in case if you are audited.

 

If you decide not to use Full Service, then keep a detailed account in how you based your good faith estimate on the foreign percentages. This information though is often missing and i am sure IRS is aware of the problem. Besides, i have never heard that this is an issue in the past and i have prepared numerous returns not having this information. 

 

@gabriel_ckb 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"