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Retirement tax questions
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.
‎June 7, 2019
4:55 PM