LinaJ2020
Expert Alumni

Deductions & credits

Here are the steps: 

 

In TurboTax online,

  • Open up your TurboTax account and select Pick up where you left off
  • At the right upper corner, in the search box, type in "foreign tax credit" and Enter
  • Select Jump to foreign tax credit
  • Follow prompts
  • On screen, "Tell Us About Your Foreign Taxes", do not check the first box ( You have no more foreign taxes to enter other than the 1099-DIV, 1099-INT, 1099-OID or a Schedule K-1)  Since you have foreign taxes from other sources other than the 1099s, do not check that box. 
  • Follow prompts
  • Choose the Income Type, select "Passive Income"
  • On screen, "Country Summary", add a country to continue
  • On screen, "Other Gross Income", enter Canada RRSP and the amount and follow prompts
  • On screen, "Foreign Taxes Paid", under foreign taxes on Other Income, enter the amount
  • See images below

@tuanhosi

 

 

If you have paid taxes to both foreign and the US tax authorities, the IRS allows you to claim a foreign tax credit Form 1116.  To learn more, click here: Foreign tax credit

 

If you can't claim a credit for the full amount of qualified foreign income taxes you paid or accrued in the year, you're allowed a carryback and/or carryover of the unused foreign income tax, except that no carryback or carryover is allowed for foreign tax on income included under section 951A. You can carry back for one year and then carry forward for 10 years the unused foreign tax. To read more, click here:

https://www.irs.gov/taxtopics/tc856

 

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