I am a US citizen and resident,
I have a Canadian pension from a private employer paid in Canadian dollars. The pension is not my own, it was my husband's (now deceased).
My understanding is that I need to create a manual 1099-R for the pension and then file a request for a foreign tax credit. However, after trying to work through the process in TurboTax, I am unsure how to actually do this.
For the 1099-R, my questions are this:
For the foreign tax credit, my questions are:
When I look at what my husband did in previous years, it seems that he was forced to file his return using a paper copy? Is it possible to file electronically when you have a foreign pension?
Thank you.
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You will have to leave the identification number blank, so you will need to mail your return in.
The gross distribution and taxable amount are the same, assuming all of the pension is taxable. The tax withheld should be blank. It is likely not a qualified government pension.
It is not passive income. I don't have an answer to the other questions in the top section.
You do normally want the credit as opposed to the deduction. You would normally not need to enter AMT income or deductions.
Gross income would be the pension distribution amount. The foreign taxes paid would be the taxes paid on the pension to Canada. You normally wouldn't need to enter anything accept the income and foreign taxes paid in the foreign tax credit section, unless you had unused credits that were available from the previous year(s).
[Edited 3/1/21 8:07 PM PST]
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