Search found 8 matches

by cbk
Sun Apr 09, 2006 1:00 pm
Forum: Canada / United States Tax & Accounting
Topic: RRSP Distributions and Form 1116
Replies: 4
Views: 4942

Thanks, that's what I had put down initially, but on reviewing my taxes, I questioned it. I must have read it somewhere on the forum, but I couldn't find it again.
You've been a great deal of help- I really appreciate it.
by cbk
Sun Apr 09, 2006 11:47 am
Forum: Canada / United States Tax & Accounting
Topic: RRSP Distributions and Form 1116
Replies: 4
Views: 4942

Sorry there's no edit function here... To further clarify, I have three numbers to choose from, in US $, of course: The total withdrawn from the account, the total sent to me after Canadian withholding was taken out, or the amount actually taxable by the US (which as a US citizen, is the diff. betwe...
by cbk
Sun Apr 09, 2006 11:41 am
Forum: Canada / United States Tax & Accounting
Topic: RRSP Distributions and Form 1116
Replies: 4
Views: 4942

RRSP Distributions and Form 1116

I'm trying to report an RRSP distribution using Turbotax. Taking the credit seems to be the best option for me, having also tried the deduction. I'm subject to the AMT this year, and almost none of my deductions were allowable under the AMT. Anyway, in Form 1116, it asks my gross income from sources...
by cbk
Sat Apr 01, 2006 9:31 pm
Forum: Canada / United States Tax & Accounting
Topic: U.S. Citizen in Canada Investing in non-RRSP Mutual Funds
Replies: 4
Views: 5467

I'm a US citizen who lived in Canada for many years. We invested in quite a few US funds while we lived there. I let them know when we set up accounts that we were US citizens living in Canada. A few wouldn't let us set up accounts (can't remember who) but T Rowe Price and American Century did. You ...
by cbk
Mon Mar 27, 2006 5:21 pm
Forum: Canada / United States Tax & Accounting
Topic: Using turbotax for reporting RRSP withdrawal
Replies: 4
Views: 4445

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.
by cbk
Mon Mar 27, 2006 4:53 pm
Forum: Canada / United States Tax & Accounting
Topic: Using turbotax for reporting RRSP withdrawal
Replies: 4
Views: 4445

Using turbotax for reporting RRSP withdrawal

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 al...
by cbk
Thu Mar 23, 2006 8:33 pm
Forum: Canada / United States Tax & Accounting
Topic: New IRS RRSP Form 8891 available @ IRS.gov - Post Q's here
Replies: 45
Views: 41956

That's what I was afraid of...but I should be able to find my old dusty records to establish a cost basis. Is the US taxable portion only the difference between the US values of all the contributions and the final US value of the RRSP when cashing out? That seems too easy. Or do I have to take into ...
by cbk
Thu Mar 23, 2006 12:39 am
Forum: Canada / United States Tax & Accounting
Topic: New IRS RRSP Form 8891 available @ IRS.gov - Post Q's here
Replies: 45
Views: 41956

I’m a US citizen who lived in Canada from Jan 1991-Jul 1999, and filed both US and Can tax returns through an accountant each year. I never owed US taxes except in 1998. I opened RRSP accounts in 1994. As far as I can tell, none of the accountants ever filed anything with the US indicating I had R...