Using turbotax for reporting RRSP withdrawal

cbk · Post by **cbk** » Mon Mar 27, 2006 4:53 pm

Has anyone successfully used Turbotax to report an RRSP withdrawal and claim a deduction for foreign taxes paid? I've figured out my taxable amount, and know I should "fake" a 1099R, but am unsure what to put in the boxes for that section, since I don't actually have a 1099R to go by. I also tried to enter the foreign tax as a deduction, but it seemed to make no difference in my taxes owed.
Any help would be appreciated. I really don't want to try doing taxes manually.

nelsona · Post by **nelsona** » Mon Mar 27, 2006 5:06 pm

The deducted taxes don't have to go on the faked 1099-R, in fact they should not.

merely enetr them on schedule a.

You may have so few deductions that the program is electing to give you the standard deduction, which is quite likel;y unless you have a mortgage.

nelsona · Post by **nelsona** » Mon Mar 27, 2006 5:09 pm

You are merely creating a 1099-R to populate line 16a and b of 1040.

cbk · Post by **cbk** » Mon Mar 27, 2006 5:21 pm

I do itemize deductions. I couldn't figure out where to enter the info for taxes paid in the deduction section of Turbotax. I tried enttring it in "other expenses" and it ended up being classified as a Generation skipping tax.

nelsona · Post by **nelsona** » Mon Mar 27, 2006 5:31 pm

There is a specific line on schedlue A for foreign taxes paid. Enter it there.