Search found 6 matches

by davidrbaker3971
Fri Mar 24, 2023 4:03 pm
Forum: Canada / United States Tax & Accounting
Topic: retroactive application of excess FTC to previous years
Replies: 3
Views: 748

Re: retroactive application of excess FTC to previous years

as I said I have not been using carryback nor carryforward so asking if i can do it retroactively back to starting with 2017 tax year. looking back IO have historically had approx $1000 more in Canada taxes paid than the FTC 1116 calculation allows me to use. So question is, can I start in 2017 and ...
by davidrbaker3971
Thu Mar 23, 2023 2:51 pm
Forum: Canada / United States Tax & Accounting
Topic: retroactive application of excess FTC to previous years
Replies: 3
Views: 748

retroactive application of excess FTC to previous years

Have been filing in USA for years going back to 2017 and have had excess FTC (about $1000 per year) but never used it in a carryback or carryforward to any other tax return. Can I now start in 2018 and carryback to 2017, 2019 and carryback to 2018, etc and carryforward to future years if still unuse...
by davidrbaker3971
Tue Apr 02, 2019 8:41 pm
Forum: Canada / United States Tax & Accounting
Topic: US tax for RRSP RIF distribution Taxable and Foreign tax Credit
Replies: 26
Views: 12089

Re: US tax for RRSP RIF distribution Taxable and Foreign tax Credit

in another post you noted that CPP and OAS can be added to 1116 as General limit income. Can that be done even though the actual taxable income is also reported under equivalent to social security income without acting as a double entry of that CPP/OAS income? and also that there is no foreign tax c...
by davidrbaker3971
Sun Feb 24, 2019 2:21 pm
Forum: Canada / United States Tax & Accounting
Topic: US tax for RRSP RIF distribution Taxable and Foreign tax Credit
Replies: 26
Views: 12089

Re: US tax for RRSP RIF distribution Taxable and Foreign tax Credit

i did file the required forms with the balances and earnings for the tax dreferrrals under the USA canada income tax convention, so I have the reported value of the RRSP account from the year I moved and up till 2014 when that filing was no longer required, Just not sure if the actual values as repo...
by davidrbaker3971
Sun Feb 24, 2019 12:08 am
Forum: Canada / United States Tax & Accounting
Topic: US tax for RRSP RIF distribution Taxable and Foreign tax Credit
Replies: 26
Views: 12089

Re: US tax for RRSP RIF distribution Taxable and Foreign tax Credit

So in that case it is on a contribution basis. I moved to the US in 1996 and have no records of my contributions, just what my rrsp was valued at then. I am now taking distributions from a converted RRIF. Will I have to say that 100% of the RRIF is taxable? Seems like it should be based on actual va...
by davidrbaker3971
Sat Feb 23, 2019 9:24 pm
Forum: Canada / United States Tax & Accounting
Topic: US tax for RRSP RIF distribution Taxable and Foreign tax Credit
Replies: 26
Views: 12089

Re: US tax for RRSP RIF distribution Taxable and Foreign tax Credit

Please clarify cost basis determination.
Is it the amount of your total contributions over the time the RRSP was active in Canada or is the value of the RRSP when you leave Canada and enter the USA?