Search found 20 matches

by Confused
Fri Mar 30, 2012 2:32 pm
Forum: Canada / United States Tax & Accounting
Topic: DPSP and TurboTax
Replies: 3
Views: 2841

I understand. Thanks!
by Confused
Fri Mar 30, 2012 1:42 pm
Forum: Canada / United States Tax & Accounting
Topic: DPSP and TurboTax
Replies: 3
Views: 2841

nelsona, TurboTax is saying to file a form 8891 for my DPSP, and I agree with you, I think it doesn't go there. I deleted the form 8891 that I previously completed for it, but now the DPSP doesn't show up properly on the 1040 like I mentionned earlier. How do I go about it with Turbotax? Thanks again.
by Confused
Fri Mar 30, 2012 1:05 pm
Forum: Canada / United States Tax & Accounting
Topic: DPSP and TurboTax
Replies: 3
Views: 2841

DPSP and TurboTax

I want to input the Canadian DPSP amount that I got from the withdrawal last January (100% taxable) in TurboTax. How do I get it to show up on line 16a of the 1040 form since Canada doesn't issue a 1099-R.
Thanks in advance for your help.
by Confused
Wed Mar 28, 2012 4:23 pm
Forum: Canada / United States Tax & Accounting
Topic: DPSP and income tax
Replies: 4
Views: 2409

Thank you so much. I appreciate all your help.
by Confused
Wed Mar 28, 2012 1:00 pm
Forum: Canada / United States Tax & Accounting
Topic: DPSP and income tax
Replies: 4
Views: 2409

That's not good for me... Do I use forms 8891 and 1116 to report it?
If I have to use form 8891, then the total of distributions would be taxable on 7b?
Thanks again for your help.
by Confused
Wed Mar 28, 2012 12:31 pm
Forum: Canada / United States Tax & Accounting
Topic: DPSP and income tax
Replies: 4
Views: 2409

DPSP and income tax

I just realized after the facts that one of my RRSPs was a DPSP. My employer contributed 1.5 % of my salary while I was in Canada. I received a T4A from CRA upon withdrawal. I withdrew it 6 days after I became a US resident. Now I need to amend my tax return. Is it taxed the same way as an RRSP in t...
by Confused
Tue Mar 27, 2012 7:05 pm
Forum: Canada / United States Tax & Accounting
Topic: Amending tax return - form 1116 and RRSP
Replies: 5
Views: 3688

Thank you so much for your reply. You know so much about the topic, you are the expert. :) I am not electing to defer the income since it is my first year in the US and I withdrew the RRSP six days after my arrival. So, I leave it as General income? On 1a Gross Income, I indicated the total amount o...
by Confused
Tue Mar 27, 2012 3:54 pm
Forum: Canada / United States Tax & Accounting
Topic: Other questions regarding Form 1116 Foreign Tax Credit
Replies: 1
Views: 1526

Other questions regarding Form 1116 Foreign Tax Credit

On part II of form 1116, do we put the taxes paid to Canada at the moment of the withdrawal on A(n) in CDN dollars and on A(r) the same amount but converted in US dollars? Does anyone know where to find reliable information on how to file 1116 (not the IRS instructions) related to RRSP withdrawal? T...
by Confused
Tue Mar 27, 2012 1:55 pm
Forum: Canada / United States Tax & Accounting
Topic: Amending tax return - form 1116 and RRSP
Replies: 5
Views: 3688

Amending tax return - form 1116 and RRSP

Can somebody confirm that the complete withdrawal of a RRSP made by a US resident is considered a "Passive category income" on form 1116? I checked "General category income" but I think it's wrong. Also, I have to indicate the amount of taxes I paid to Canada for the withdrawal o...
by Confused
Mon Mar 19, 2012 8:16 pm
Forum: Canada / United States Tax & Accounting
Topic: Need some advice - RRSP in the US - missing info
Replies: 5
Views: 2982

Thanks again! One more question. What should I say to the IRS if I get audited? Is there an official document that says that contributions made while a resident of Canada are not taxable?
by Confused
Sun Mar 18, 2012 10:32 am
Forum: Canada / United States Tax & Accounting
Topic: Need some advice - RRSP in the US - missing info
Replies: 5
Views: 2982

All I wanted was to have no paperwork to fill out about my RRSPs once in the USA. But, it didn't work the way I wanted to. And I did pay 30% in taxes at the time of withdrawal because they made a mistake... On the statement there is a unit value and a number of shares, but I was told that the unit v...
by Confused
Sat Mar 17, 2012 11:29 pm
Forum: Canada / United States Tax & Accounting
Topic: Need some advice - RRSP in the US - missing info
Replies: 5
Views: 2982

Need some advice - RRSP in the US - missing info

I'm a Canadian citizen living in California as a permanent resident. I collapsed my RRSP six days after I became a US resident (I requested to withdraw it before departure but it took so long that I ended up receiving the distributions in the US when I was a US resident). To make a long story short ...
by Confused
Thu Mar 15, 2012 2:26 pm
Forum: Canada / United States Tax & Accounting
Topic: Book value of RRSP vs Contributions
Replies: 0
Views: 1472

Book value of RRSP vs Contributions

I'm back with a new question on how to report RRSP in the US. I had a RRSP back in Canada since 2004. I collapsed it on Jan. 10 2011, 6 days after I became a US resident. I don't have all the information necessary to determine the book value of my RRSP the day I became a resident. I do know the tota...
by Confused
Tue Mar 13, 2012 12:08 am
Forum: Canada / United States Tax & Accounting
Topic: Collapsing RRSP after becoming a us resident and form 8891
Replies: 8
Views: 5918

Sorry about that.
by Confused
Mon Mar 12, 2012 7:44 pm
Forum: Canada / United States Tax & Accounting
Topic: Collapsing RRSP after becoming a us resident and form 8891
Replies: 8
Views: 5918

Lines 7a & b - form 8891

Could someone answer my previous questions about lines 7a & b (form 8891) as well as line 6c? I really need some help. I must say that I feel overwhelmed... Thanks. [quote="Confused"]Hi, Thank you so much for the information. I'm having a hard time understanding the concept. My Canadia...