How to enter foreign income?

[i4jesus]

I was told to use other slip for social security benefit, RMD, and bank interest, how to do that?

[Psjeet11]

Thank you for your question. 

You will enter your foreign income on the Foreign Income Slip which can be found under T-slips in the Income Section of the TurboTax. 

To enter your foreign income, please follow the steps below:

1. Click on the 'find' icon located at the top-right corner beside the help icon.

2. Type "Foreign Income" in the dialogue box to find the form.

3. Click on "Enter New Foreign income for your name".

4. Please enter the name of the country where income was generated. 

5. Type the exchange rate. (Published by the Bank of Canada).

6. Ente the Amounts in the appropriate box. 

- If the Social security benefit is related to a foreign country enter it in the same form and in the box titled "U.S. social security benefit" or you can also add in the box "Other Income (line 13000)". 

- Also, for RMD (Required Minimum Distribution), enter in the box "Other pension income" or "Income from the U.S. individual retirement account (IRA). 

- And Yes, you may have received a T5 slip for your bank interest or other investment income from foreign sources, please enter in the box "Foreign Income".

However, if you don't have a T slip, find the form "Interest and Other Investment Income- Summary". 

*Please convert your foreign income to Canadian Dollars (Currency) applying the exchange rate published by the Bank of Canada. To learn more, read our TurboTax blog on Foreign Income.

Thanks