Using fictitious numbers, suppose my income and taxation situation is as shown below.
Gross Income and Taxes Withheld
2023
Income Tax
Employment income (W-2) 153,824 21,587
Interest income 8,150 -
Pensions income (Canada) 81,624 7,116
CPP 21,194 -
OAS 12,999 -
OPSEU 13,679 2,053
RRIF (7BY739) 21,224 3,184
LIF (7BY740) 12,527 1,879
Social security benefits 24,186 -
Using dialog box offered in TurboTax, which is helpful in some instances and not very straightforward in other instances.
Using TurboTax, it is easy to oversee employment income, interest income and social security benefits. For Pension income, however, I tried both options, that is, 1099-OID, Foreign Accounts and IRA, 401(k), Pension Plan Withdrawals (1099-R) and each time failed. How to enter these amounts to generate appropriate forms like 1116, 8893, etc. How to or where to enter taxes withheld in Canada to claim foreign tax credits on Form 1040 using Schedule 3, etc.
posted
last updated
April 06, 2024
9:26 AM