turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

hmsaiyed
New Member

For Pension income from Canada, how to manage Canadian source income and taxes withheld? How to or where to enter income and taxes withheld and claim Foreign Tax Credit?

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.
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies