To clarify, the original question asked about entering the "source country:", and while there is no Box 27 in either TurboTax Online or TurboTax installed via CD/Download to your computer, there is a place to enter the source country.
I should have explained further that any amounts on T5 or T3 slips that are reported in foreign currency need to be manually converted to CAD dollars.
Box 27 on T5 indicate USD, Do I enter that under source country of foreign income? There is no box 27 in your program.
The accepted answer below (by TurboTaxKim) seems to go against other answers to the same question in the forum. It seems TurboTax does NOT accept USD (as no box 27 is displayed) and it requires the user to convert the amount to CAD themselves, lest they get fined for underreporting.
You should still indicate the source country of the income, but that's different from the currency. Just a word of warning for others who may reach this answer.
To clarify, the original question asked about entering the "source country:", and while there is no Box 27 in either TurboTax Online or TurboTax installed via CD/Download to your computer, there is a place to enter the source country.
I should have explained further that any amounts on T5 or T3 slips that are reported in foreign currency need to be manually converted to CAD dollars.
Box 27 on T5 indicate USD, Do I enter that under source country of foreign income? There is no box 27 in your program.
I am wondering why Turbo tax can't upgrade by having a box to input exchange rate then related boxes converted to Canadian Dollars. At least providing that option for people who pays the premium.
Box 27 on T5 indicate USD, Do I enter that under source country of foreign income? There is no box 27 in your program.
in your easy step process for T5 information what does Country #2 and Country #3 represent? I have a T5 with a Box 27 of EUR. What should I be selecting?
Box 27 on T5 indicate USD, Do I enter that under source country of foreign income? There is no box 27 in your program.
Having to manually convert foreign income on T5 or T3 slips to Canadian funds is inconvenient. It's 2024 afterall, why doesn't Turbo Tax add an input box for the exchange rate to use for the conversion under the Source Country line? So easy, yet this suggestion has been made to TurboTax in this forum for at least 5 years now. What is the problem with adding this exchange rate box? It's the same approach Turbo Tax uses for the "Foreign" federal slips input page.
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