Yes. You have selected the correct product of TurboTax to report your self-employment income and to claim the Foreign Tax Credit.
You are required to file a return if your self-employment income is $400 or more. You stated that it is approximately $8,000. You will need to complete a Form 1040 Schedule C or C-EZ to report your income and business related expenses. It is advised to report all your business expenses (no matter how minimal) to reduce your income because you may be subject to self-employment tax if your net income is $400 or more.
To begin entering your information in TurboTax do the following:
- Type Schedule C in Search
- Click the Jump to schedule c link or Go to Schedule C button
- Begin navigating through the prompts to enter your income and expenses
To enter the Form 1116 to take the Foreign Tax Credit, type foreign taxes in Search, and click the Jump to foreign taxes link.
TurboTax objective is to ensure that you get the best tax benefits and deductions including any tax credits and treaty benefits that may be applicable to your situation. There is also a Canadian version of TurboTax that you can access at https://turbotax.intuit.ca.
