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Level 2

Question

Received NR4 from Canada with code 40 living in the U.S.

Forum|Forum|6 years ago
February 5, 2020
1 reply
0 views

I received NR4 form as I worked in Canada a year ago where I contributed to my pension plan. However, since I left the company and am living in the U.S., I got NR4 with code 40 (lump sum). How should I go filing my taxes?

Will this be considered 1099 - R? SSA 1099? or simply a foreign income?

Not A Product Question

Level 13

You should enter your Canadian pension distribution as if you received a 1099-R.

After entering your pension income (don't forget to convert first to USD) then enter your foreign tax paid to help offset any double taxation.

To report the Canadian tax paid on your pension:

Enter foreign tax credit in the search box at the top of the page and click the Jump to link
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 General category income
Add Canada
Enter description - Canadian pension
Enter Income amount that you previously reported under 1099-R
Enter your taxes you paid on your Canadian pension in the box "Other income"

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Level 2

So do I convert the withholding tax paid to US $ and enter it as as if I paid US taxes under 1099-R AND also take the foreign tax credit?

Level 15

Enter your Canadian withholding converted into USD in the foreign tax credit section only @GPRP.

Withholding on the 1099-R screen is for US withholding and goes on a different place on the tax form.

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