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Retirement tax questions
All foreign tax paid is entered in the same spot. To report the foreign tax paid on your pension for foreign tax credit:
- Enter foreign tax credit in the search box at the top of the page and click the Jump to link
- Select Yes you paid foreign taxes
- Continue through the screens regarding foreign interest and dividends
- Select yes that you have reported all your foreign income already in TurboTax
- Deduction or Credit? Most people choose the credit since so few itemize deductions. You can try it both ways and determine what is best for you. Select an option.
- Answer question about the Simplified Limitation Election
- Choose income type
- Add the name Puerto Rico
- Enter description - traditional IRA distribution or similar
- Enter Income amount that you previously reported in another section of TurboTax
- Enter your taxes you paid on your foreign pension in the box "Other income"
- Continue through the foreign tax credit screens until done.
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March 29, 2023
8:51 AM