Hi DaveF1006,
thanks for your reply. I am using Turbotax installed from CD onto my computer and the instructions seem a little different. I am wondering if the steps you have given are for an online version of TurboTax?
I entered the RRIF information in the Retirement plans and Social Security under the "Canadian Registered Pension Income" section where it first asks to enter a name for refering to this Canadian RRSP or RRIF income.
After filling out above section questions (re income tax deferment election and if this was first year distribution was received, and amount of distribution for the year I moved tothe deductions and credit section
in the deduction and credits I go to the foreign taxes credit as noted but after a bunch of questions TurboTax bumps me back to the Estimates and Other taxes Paid group under which the foreign taxes credit section is based. I was able once to get to the part where it asked me about kind of income - I put in passive and was able to enter amount of tax paid - it calculated everything and said only a part of the foreign tax paid was deductible and the rest would have to be carried forward or carried back. Also it said that I would have to consider amount of credit that could be applied and that there was a AMT minimum that would also kick in - I was confused by this because the tax credit allowed was only $638 out of $1951 witheld for Canada Revenue Agency. So I cleared the data and started to reenter the deduction information and now it is kicking me back to the Estimated and Other Taxes Paid group and not getting to the part where it asks to enter type of income where passive is an option.
Please elaborate
Thanks
