Serbinski Accounting Firms

By using accrued method on the amended return, I end up with 2 copies of 1116, original foreign tax reported as paid on 1st copy and the additonal tax I'm now reporting as accrued on the 2nd copy. Do I submit both 1116s with the amended return?

Thanks,

As discussed earlier in this thread, I am in the process of amending Form 1116 for 2006 & 2007 to report additional foreign tax (CDN) that was incurred in 2006 & 2007, but not paid until 2009. Form 1116 was originally filed for both years with foreign tax amounts (CDN) identified as "paid". On the ...

Thanks nelsona.

Is there any limit to how far back I can amend FTC's on 1116?

I understand. I have already filed for 2008, but I have a couple of related questions.

Do I need to amend 2008 if there is no change to the FTC but there is a change in the amount of carryover from 2007?

How far back can I amend 1116?

Thanks.

Yes, the interest was included on Schedule B.

I did not realize that I had a choice as to when to claim the FTC on 1116, but I do have a better chance of using most of the credit if I go back to 2006 & 2007.

Thanks.

In 2009 I paid 10% withholding tax to the CRA on interest income received in 2006 and 2007. The CDN financial institution had neglected to withhold tax and had sent us a T5 instead of an NR4 in 2006/2007. On our US return for 2006 and 2007 we included the interest income on 1099-INT but did not ...

My mistake.

Thanks for your help.

Thanks nelsona,

On a somewhat related topic, now that my RRSP's have been converted to RRIF's and I'm receiving income, are these considered to be qualified or non-qualified plans?

[quote="nelsona"]Yes it is.

Are you familiar with how cost basis is determined?[/quote]

Not sure if this means interest earned is part of my cost basis or not. Just to clarify, the RRSP has allways been a CD investment.

I'm not familiar with how cost basis is determined.

Thanks.

No, I'm not.

I really appreciate all your help.

Thanks

Then, in my layman terms, does that mean that the interest earned is NOT included in this cost basis?

Book value on my RRSP before becoming taxable in the US would include my contributions plus my employers contributions plus interest as of the date I became taxable... correct?

nelsona,

Sorry, but I'm not very good with the terminology. In this context could you explain "book value" and "non-deductible contributions".

Thanks again.

Hi nelsona,

After reading these additional posts, I have another question.

I've been a GC holder since 1988 and have 2 separate RRSP's that I'm computing cost basis. Both RRSP's had employer contributions. I had one RRSP when I left Canada for the first time and became a GC holder in 1988. The ...

I am a Canadian citizen, retired, with permanent residence (green card) in the US. While living in Canada (BC), both my employer and I made contributions to a company pension plan. When I returned to the US in 2001, the pension plan was rolled over into a locked-in RRSP. In 2008 the RRSP was ...