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Retirement tax questions
No that is incorrect. Here is how you can claim the credit.
- After logging into turbo tax go to federal
- Go the deductions and credits>estimates and other taxes paid>foreign tax credit
- When you get to that screen that says No Other Income or Expenses select no
- Now you should get to a screen that says other gross income Canada. Type in the description of your Canadian pension and the amount.
- Navigate until you get to a section that says Foreign Taxes Paid - Canada. Here you will enter the foreign tax you paid on that income and when you paid it.
- Scroll through the next few screens. Enter any information regarding carryovers if you have those to include on this year's tax return.
- Just continue scrolling through the screens until you finish the section.
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March 9, 2021
3:56 PM