Serbinski Accounting Firms

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The taxes are NEVER taken away from the gross.

He reports $16K (converted in US at the time) as both the gross and net pension income (or, annuity income as the IRS person said).

And $16000 (converted to US) goes on the Form 1116. Then the taxes paid are listed on the "foreign taxes ...

Gotcha....thanks!

So on the NR4 for the pension....It was about $16,000 gross and $12000 net after taxes ..Does he report the $16000 or $12000 net after tax on the form ?

Regards,

Thahk you very much....what you do here is really wonderful. I appreciate it.

Which software does this? Turbotax?

I guess one last LAST thing, i spoke to someone at the IRS in the foreign income department and he said line 16a and B...was he incorrect?

One last thing....why would it not be the whole 25% I thought the treaty was about not being doubly taxed? thank you!!!!!!

Thank you, this is quite depressing.
We were planning on using the money as part of a house downpayment...but now the Canadian dollar has tanked, so it still sits in his Canadian account....hoping to recoup some losses.
He is only 43, so it would have been a LONG time until retirement.

I wish we ...

My husband worked for Canda Post for several years and this past year he cashed out his pension. He was taxed 25% by Canada.

When filing our taxes this year (married/joint) where do we claim this money?
Do we have to claimm this money???
Is there a way to exempt this money (and if so, which form ...