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The benefit from Canada Pension Plan is reported under TurboTax Social Security Section. Here are the steps:
In TurboTax online,
According to IRS sources,
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.
The special tax treatment applies to payments receive from the following Canadian retirement programs: Canada Pension Plan (CPP), Quebec Pension Plan (QPP), and Old Age Security (OAS)
If the recipient is a resident of the United States, the benefits:
· are taxable only in the United States,
· are treated as U.S. social security benefits for U.S. tax purposes, and
· are reported on Form 1040, U.S. Individual Income Tax Return (or Form 1040A) on the line on which U.S. social security benefits would be reported.
If the recipient is a U.S. citizen or lawful permanent resident (green card holder) and who is also a resident of Canada, the benefits are taxable only in Canada.
TurboTax program does not automatically convert pension income from Canadian dollars to US dollars, please use the attached tool to convert.
https://www.oanda.com/currency/converter/
I'm a US citizen living in Canada. I received both SS and CPP this year. If it's true that SS is only taxable by the US and CPP is only taxable by Canada, how do I differentiate between the two when I enter the information? Turbotax doesn't seem to allow me to enter two SSA-1099s. Or does the country I'm residing in have tax dibs on both retirement incomes?
Do not enter the CPP information in your US return. Since you live in Canada, it is only taxable in Canada. Please read this read LinaJ2020 explanation given in this thread. Just make one SSA-1099 entry for the Us Social Security only.
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