If I could get to Form 1116 to enter all the pertinent data, it will be ideal. But TurboTax does not allow us to do so. Please tell me how to get Form 1116 in TurboTax online Premier version, to enter the date myself.
I talked to the TurboTax Specialist and was told to enter the data as if it is a US 1099-R using Form 4852. It also poses an issue because I have to take my Pension with a Canadian Bank as if it is a IRA in US and lumps the balance of my Traditional IRA as reported as such to IRS. I take RMD every year based on life expectancy figure. adopted by IRS. My Bank in Canada is doing the same, but based on the life expectancy adopted by Canada Revenue Agency which could be different than that adopted by IRS. For future reporting to IRS on RMDs, it could be such that if the life expectancy adopted in Canada is longer than that for IRS, IRS could penalize me Thanks.for not taking sufficient RMD because IRS could treat both as US traditional IRAs.
I still believe it is best for TurboTax could fix the problem in how to include the Foreign Tax paid for pension plan from a Canadian source correctly in Form 1116. Lumping the pension fund from a Canadian source as if it is a US IRA does not resolve the problem and could actually complicate the issue more.
If anyone knows how to I can do so, please let me know. Thanks.
