Income from foreign rental in Foreign Tax credits form

[rookie1]

I had to prepare the returns with the online version and they worked fine.  When I complained they gave me credit to prepare my returns online since I had already bought the downloaded version and I would not file the returns properly. I will go straight to the online version this year .

[TurboTaxHeba]

If you are reporting a foreign rental income using the TurboTax Desktop products, you need to report the income on the foreign income slip and deduct the foreign taxes paid. If you use the T776 form for foreign rental income you will not be able to deduct the foreign tax credit. The foreign income tax credit slip deducts taxes that have been reported in the foreign income.

If you are using a TurboTax Online product, you will be able to use either method: foreign income slip or the T776 slip then use the FTC slip to claim the foreign taxes.

I hope this was helpful

[MiLanJ2]

Hi,

Just wondering if any new changes to accommodate this in the 2024 version?  I called the 1-888 number this morning and the agent advised me to buy the Premier Desktop version.   Is the 2024 Premier desktop version capable of claiming the FTC on foreign rental income?  Or should I use the online version?  Which online version should I purchase:  Deluxe or Premier?  I have never been able to claim the FTC on my foreign rental income in the past; always had to send in a T1Adj Form and it gets a bit tiring doing that each year.

[TurboTaxVeronique]

For FTC and foreign rental income, Premier is the version you need. We suggest you to consult this article for information on how to enter it in the software.

This article will explain to you how to claim foreign rental income.

Thank you for choosing TurboTax.

[MiLanJ2]

Thanks Veronique for your quick reply!

I have read both articles.  In the article titled "How do I enter foreign rental income in Turbo Tax?", instructions were provided to override the foreign non-business income and tax credits.  However, by following these steps I won't be able to netfile my return - instead I need to paper file them.

I would like to netfile my return.  Would Turbo Tax online enable me to enter my foreign rental income on T776 as well as enable me to claim the foreign tax credits and at the same time allow me to Netfile my tax return?  If so, which online version allows me to do so?  The Deluxe or Premier?  Please advise.  I am ready to switch to online if this feature is available.

Thanks.

[TurboTaxVeronique]

Yes, you are right, if you override an entry in TurboTax Desktop it is possible you won't be able to NETFILE. Override is not an option with TurboTax Online and not in the steps to follow. 

As suggest yesterday, Premier is the best TurboTax edition for rental income and foreign income.