Yes, Here is the best method to report the pension and claim the foreign tax credit.
- Log in or open Turbo Tax.
- Go to federal
- Income and expenses
- retirement plans and social security>show more (if using Turbo Tax online)
- Go to Canadian Registered pension and report it. You will report the total amount of income you received in your pension in 2024.
To claim the Foreign Tax Credit.
- Log in or open Turbo Tax
- Go to federal or federal income
- Deductions and credits
- estimates and other taxes paid>show more (if using turbo tax online).
- Select Foreign Tax Credit or Foreign Taxes (if using the software)
- Answer the questions. Be sure when you get to the area where it says Gross income, list the full amount of the pension here or else you won't receive the credit. Many people make this mistake.
- Also when the program asks for the category of income, indicate this is passive income
- Sometimes this section gets a little confusing so if do have questions regarding navigation, just reach out to us. We are here to help.
@nyrie
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
