topic You need to report your RRIF income as follows in Federal... in Retirement tax questions

How do I report a Canadian NR4 with income codes 26 and 27 for 2018 and where does the NR Tax Withheld show up on the worksheet?

pgraham6299 — Fri, 07 Jun 2019 23:55:25 GMT

A few prior answers related to 2015 software and don’t seem to apply to 2018. Eg: I can’t find a search bar at the top of the display.

You need to report your RRIF income as follows in Federal...

KarenJ — Fri, 07 Jun 2019 23:55:27 GMT

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.

This works up to step 10 then this answer differs from th...

pgraham6299 — Fri, 07 Jun 2019 23:55:29 GMT

This works up to step 10 then this answer differs from the screens in TurboTax

Re: You need to report your RRIF income as follows in Federal...

RandyWhiteDJ — Sun, 29 Mar 2020 18:17:17 GMT

Thank you for your post Karen, however in following your instructions, the foreign tax credit uses a calculation on form 1116 which only allowed approximately 35% of the actual total tax I paid in 2019, with the balance treated for carry-back or carry-forward purposes, which is of no use to me. I was expecting that for RRIF pension income I would have a credit in the same year for 100% of the non-resident tax withheld on the NR4 form. I am not sure if RRIF pension income should be considered as passive income? Any further thoughts on this would be appreciated, as this issue is costing me an additional unexpected tax liability of $1,300.

Re: This works up to step 10 then this answer differs from th...

KarenJ2 — Mon, 30 Mar 2020 14:29:26 GMT

The IRS limits the amount of foreign tax you may claim as a credit. That limit is the total amount of U.S. tax you owe, multiplied by a fraction: your foreign taxable income (for each category) divided by total taxable income. Thus, if you earn $50,000 from foreign sources in one category, and $100,000 from all sources, your foreign tax credit limit is your U.S. tax multiplied by 1/2.

The RRIF income may be passive income.

Taxation of Your RRSP, RRIF

Need Instruction for 2020 Turbo Deluxe software to Claim RRIF tax withheld in Canada reported in NR4

DilhanT — Thu, 22 Apr 2021 01:13:58 GMT

Can someone please give instruction how to report Tax withheld in Canada shown in NR4 in the 2020 Turbo Deluxe software . Thank you

Re: Need Instruction for 2020 Turbo Deluxe software to Claim RRIF tax withheld in Canada reported...

Cynthiad66 — Thu, 22 Apr 2021 16:28:58 GMT

You can use TurboTax Deluxe to report your foreign income and foreign tax paid. For information about the foreign tax credit as well as links to other useful information related to foreign income go to: Claim the Foreign Tax Credit

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.

Per @KarenJ