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Retirement tax questions

For foreign taxes paid, you can choose to take the amount of any qualified foreign taxes paid during the year as a credit or as a deduction. To choose the deduction, you must itemize deductions on Schedule A (Form 1040). You must choose either the foreign tax credit or itemized deduction for all foreign taxes paid or accrued during the year. This is an annual choice.

 

Please follow these steps to enter the RRSP. 

 

To enter Canadian RRSP information, go to:

  • Across the top, select the tab Federal taxes / Wages & Income 
  • Scroll down to Retirement Plans and Social Security / Canadian Registered Pension Income, select Start

 

While going through the interview you will see the screenshot below, revisit your entry to see if you had entered anything in the taxable distribution section.

 

 

Also, see the link below:

 

Canadian RRSP

 

@bntax_2023

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