To report your Canadian tax paid on your retirement income for foreign tax credit:
- Enter foreign tax credit in
the search box at the top of the page and click the Jump to link
- Click 'Yes" you paid
foreign taxes
- Click through the screens
regarding foreign interest and dividends
- Click yes that you have
reported all your foreign income already in TurboTax
- Click that you want to take a
credit
- Answer question about the
Simplified Limitation Election
- Choose income type retirement income for - it will be Passive income
- Add Canada as the country
- Enter description -Canadian Retirement
- Enter Income amount that you
previously reported in TurboTax
- Enter your taxes you paid on
your foreign income in the box "Other income"
- Continue through ALL the
foreign tax credit screens until done.
