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Get your taxes done using TurboTax
Thanks. Very helpful. I actually requested a filing extension and so am filing this now.
1) I reported my Canadian Pension Amount in the way you suggested and my federal tax went up $3500 (seems about right for my tax bracket).
2) I then went to the foreign tax credit section and followed your directions. I input the same gross amount as I entered in step 1 and then entered $3100 as the USD amount of tax that was withheld by Canada. However Turbotax is only giving me $1700 as a foreign tax credit instead of $3100.
Why is only ~60% of the foreign tax withheld qualifying as a tax credit, when the US tax I owe on the gross amount is higher than what the Canadians withheld? Any advice appreciated.
‎October 15, 2021
2:07 AM