How to properly report income from a 1099R in Canada?

mrwa11eye1 · ‎October 30, 2019

I realize that I have to make a currency conversion. When I transfer the info from my 1099R slip into Turbo Tax ... do I transfer the exact numbers (once exchanged) to the appropriate slip in Turbo? I can find the slips no problem.

What I need to know is ...

Do I enter the the income and taxes witheld (on 1099R) into the appropriate boxes and then your program computes any applicable foreign tax credit on it?

TurboTaxEsther · ‎October 30, 2019

Turbo Tax will calculate the foreign tax credits once you have entered the income in the T-slip section (foreign income).

You can do the conversion yourself or let Turbotax do it for you, just enter the conversion rate.

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How to properly report income from a 1099R in Canada?

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