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Retirement tax questions
You can use TurboTax Deluxe to report your foreign income and foreign tax paid. For information about the foreign tax credit as well as links to other useful information related to foreign income go to: Claim the Foreign Tax Credit
You need to report your RRIF income as follows in Federal section of TurboTax:
- Click on Wages & Income at the top of the page
- Scroll down to Retirement Plans and Social Security
- Scroll down to Canadian Registered Pension Income
- Click Start and enter your income
To report your Canadian tax paid on your retirement for foreign tax credit:
- Click on Deductions & Credits
- Scroll down to Estimates and Other Taxes Paid
- Scroll down to Foreign Taxes
- 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 for pension - it will be Passive income
- Add Canada as the country
- Enter description -Canadian RRIF
- Enter Income amount that you previously reported in TurboTax
- Enter your taxes you paid on your foreign retirement in the box "Other income"
- Continue through ALL the foreign tax credit screens until done.
Per @KarenJ
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‎April 22, 2021
9:28 AM