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Hi,

I am already done for this year as I had no Canadian income to explain. But 2 years ago in 2008 I filled out a Form 1116 and declared $3965 from a Lump sum one time Distrubition and utlized $799..00...leaving a Carryover of $3166. I have been working only in th usa in 2010...

My question is ...

Hi,

This shouldn't be as difficult as last year..I am already done for this year as I had no Canadian income to explain. But last year I filled out a Form 1116 and declared $3965 from a Lump sum one time Distrubition and utlized $799..00...leaving a Carryover of $3166.

My question is what do I do ...

Thank you...If they only need to see USA tax withheld .then do I have to include the NR4 slip from Rev Canada that showed the CDN pension and tax paid in Canada to the IRS?

Best,

Kev

I was able to do that on line 16 by only filling in Gross distribution and Taxable amount on line 2a of the 1099R. Is that correct? I would assume that is it since it is a CDN pension I wouldn't have to fill out anything else on the 1099R.

BTW... I am NOT filing electronically so do I have to ...

Thank you Nelsona..Well it looked like I had it ready to go....but I noticed that the one time pension sum I received and used on the 1116 appeared on line 21 of the 1040 as other income. Does this have to go on the above mentioned line 15 or line 16? I am using TurboTax for these calculations and ...

Hi Nelsona,

I am finishing up and getting ready to file...One thing that bothers me is I mentioned above that I at 43 got a pension lump sum payment from Canada Post to start this thread...I swear somewhere I asked you in another thread which category of the 1116 Form to use and you said the ...

I am renting a place and hoping to buy a home this year. So property taxes are out etc.......I'm looking for deductions on the Schedule A Federal form but other than 800.00 prescription not much..

What is confusing is TurboTax says "if u claimed foreign taxes as an itemized deduction on your ...

Excellent response..I may get it yet :lol: Still kind of startled that my 16 K CDN when added to my US salary for a 48K total USD...produced only a $600 credit. But I kind of see the WHY a little clearer finally...

Best,

Kev

Okay so I used Turbo Tax and did it both ways as you described. Turbo Tax warns to use either the credit or deduction but not both.

As mentioned above I ended up with a $610 credit transferred to the 1040. This gave me a balance of about 3500 refund on the Fed...$1100 owing to the state.

Then I ...

Thank you for the advice again...

You could use the 6000 tax as a deduction rather than a credit on your return, that would definitely reduce your state tax.


I believe you said u meant the 4000 NR tax paid but where would I put it (what line)on a schedule a for the state return? Can I put the NR ...

Thank you for the quick reply as always....I only had 16K CDN so should I go ahead and use the 217 election?

You could use the 6000 tax as a deduction rather than a credit on your return, that would definitely reduce your state tax...

I am unclear on this...where did the $6000 number come from ...

Hi Nelsona...a wealth of information as always...Thank you. I made about 35K US and the pension was 16K CDN. Works out to about 48K in change USD.

This DID change my return a lot when adding the CDN income to the US tax return. My state tax owing ZOOMED to an extra $1000 owing form 110 to 1100 with ...

So I the husband had a 16000 lump CDN sum that I converted to USD. I then added this in turbotax on the form 1116.It showed up as pension line 1a. In part II I put the converted to USD taxes that I paid on line a category (r). To make it short and sweet I have to add $13,000 in income from CDN ...

Thank you Nelsona....I'm Kiki's husband and I'm now working on the 1116 using turbo tax..I have converted the 16,000 pension lump sum buyout to USD and now I have a choice in turbo of 1. passive 2. Lump Sum 3.Section 901 4.Income resourced by treaty 5. General....I figure it is either General or ...