I've read the posts on where to enter CPP and OAS for US persons who are residents of the USA. However, as a resident of Canada, the IRS rules state the following:
"The taxation of payments received from Canadian retirement programs that are similar to the U.S. Social Security system receive special tax treatment due to an income tax treaty between the United States and Canadian governments. The way this income is taxed depends on the recipient’s residence. If the recipient is a U.S. citizen or lawful permanent resident (green card holder) who is a resident of Canada, the benefits are taxable only in Canada."
As the benefits are NOT taxable in the USA but I assume still need to be reported as a foreign pension, how can I use TurboTax to report my nontaxable CPP payments? Can I create a substitute 1099R and somehow specify that the figures should not be included as taxable income? In other words, I need a way to populate Line 5a when Line 5b is zero. Please help; this is my first year collecting CPP
Thank You
