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Deductions & credits
TurboTax will not carry the amounts of income from your Installment Sale automatically to the Foreign Tax Credit section.
You will need to report both the Income and the Foreign Tax Amount paid on that income.
In the FTC section, choose 'General Category Income' and enter the amount of income you were taxed on for Canada. Then you will be able to enter the tax paid. Make sure you have entered all your other income so that your 'Gross Income from All Sources' is greater than the Foreign Income you report for Form 1116.
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March 30, 2023
3:15 PM