Question

Where do I enter canadian retirement income?

Forum|Forum|7 years ago
June 5, 2019
2 replies
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canadian retirement income - where entered?

P

PatriciaR

Employee

Here are the steps to enter your Canadian NR4 Statement:

While signed into your TurboTax account, Select Federal Taxes (top of program)
Select the Wages & Income sub-tab (under Federal Taxes, top left of program)
Select Retirement Plans and Social Security (may have to click "Skip to all income" to see all income choices)
Select Start or Revisit next to Social Security (SSA-1099, RRB-1099)

The TurboTax interview will guide you through entering your NR4.

To enter any foreign tax you already paid to Canada, follow these steps:

Select the Deductions & Credits sub-tab (under Federal Taxes, top of program)
Select Foreign Taxes under Estimates and Other Taxes Paid (may have to click "skip to all tax breaks" to see all deduction choices)

Enter the amounts on your NR4 converted to U.S. dollars as of the transaction date. Please click this link for historical conversion rates: https://www.fiscal.treasury.gov/fsreports/rpt/treasRptRateExch/treasRptRateExch_home.htm

Click on screenshots below for more detail

For more info specific to the US/Canadian tax treaty, please see http://www.irs.gov/pub/irs-pdf/p597.pdf

T

Traned408

It is 2021 and the section "Deductions and Credits section / Foreign Taxes under Estimates and Other Taxes Paid" only offers me to put foreign tax withheld for Dividends, not for retirement income of RRSP withdrawls. Not sure how to enter my foreign tax paid amounts for these income types?

DaveF1006

Actually if this a Canadian RRSP withdrawal, you will report this as Canadian Registered Pension Income rather than Social Security (SSA-1099, RRB-1099).

@jllattimer53

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T

Traned408

That is where I put it but I still need to know where to put the tax withholding. I need to claim a Foreign Tax Credit but in the foreign tax credit section under Deductions and Credits / Estimates On Other Taxes Paid / Foreign Taxes, I am not given the option to add anything but for dividends. Perhaps I need to complete the 1116 manually?