☰
✕
Sign In

Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
New Member
posted Oct 30, 2019 8:02:56 PM

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

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?

0 1 4978
1 Best answer
New Member
Oct 30, 2019 8:02:58 PM

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. 

1 Replies
New Member
Oct 30, 2019 8:02:58 PM

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.