Sample entry for deposits made to a 401K plan in the US by a US based employee residing temporarily in Canada.
In order to provide the information on your 401K contributions you will need to use the RRSP section. of the software.
You can access the applicable screens in the RRSP section of Turbo Tax. Under the RRSP menu select > RRSP Profile and "U.S. or Foreign Employer"... then check the appropriate box. Provide the required information on the next screen.
The allowable deduction will be claimed on Line 207, "Registered Pension Plan" rather than Line 208 "Registered Retirement Savings Plan".
Hello, Entering information under "U.S or Foreign Employer" section did not add any deduction to the "Registered Pension Plan" section. Instead, I searched for "Registered Pension Plan" on Turbotax and entered the amount in "Amounts transferred to RPP" . Is this correct?
Hi nvteja, no I am sorry this is not correct as you have not transferred any money into a Canadian Registered Pension Plan. See my screen shots below for an example.