Search found 7 matches

by rallo
Tue Apr 09, 2019 11:34 pm
Forum: Canada / United States Tax & Accounting
Topic: CPP and OAS
Replies: 16
Views: 8272

Re: CPP and OAS

The CPP Pension as well as US Social Security is non taxable only if your combined earnings is below a certain threshold. The tax software automatically determines individual thresholds based on total income as well as filing status (single, married filing jointly, etc). If your threshold is exceede...
by rallo
Sun Apr 07, 2019 10:24 pm
Forum: Canada / United States Tax & Accounting
Topic: CPP and OAS
Replies: 16
Views: 8272

Re: CPP and OAS

I use the software Taxact and have no problem adding the CPP to the SS line. Ijustadd it as a lump sum. I dont know why TT would reject your entry because SS is also non taxable unless you are making above a certain threshold when the IRS can then tax it at between 50 and 85%.
by rallo
Fri Apr 05, 2019 10:21 pm
Forum: Canada / United States Tax & Accounting
Topic: CPP and OAS
Replies: 16
Views: 8272

Re: CPP and OAS

Thanks for clarifying this issue Nelson. How about foreign pensions which are issued on the form NR4. The equivalent form in the US (1099-R) asks for the EIN number of the payer but the NR4 does not have an equivalent EIN number resulting in rejection of the 1099-R by the software. (Taxact ). How do...
by rallo
Sun Mar 17, 2019 7:49 pm
Forum: Canada / United States Tax & Accounting
Topic: CPP and OAS
Replies: 16
Views: 8272

CPP and OAS

I am a dual citizen (US and Canadian) living in the US, retired and receiving Social Security as well as CPP and OAS. Where have others in a similar position been reporting their CPP and OAS benefits on the US Income Tax form 1040 ? With regular security befits which only allows one amount in Box 5 ...
by rallo
Wed Feb 07, 2018 1:28 pm
Forum: Canada / United States Tax & Accounting
Topic: Liquidating RRSP in 2018
Replies: 17
Views: 9883

Nelson The funds in the RRSP (and LIRA) accounts are being managed by a broker, but they do not have a license or permission to trade for TN residents and hence they are limited in what they can do, essentialy resulting in very poor returns. We were not aware the funds could be managed from the US u...
by rallo
Wed Feb 07, 2018 12:24 pm
Forum: Canada / United States Tax & Accounting
Topic: Liquidating RRSP in 2018
Replies: 17
Views: 9883

Nelson Thank you very much for this information. I have recently discovered this forum and am finding outthat "I dont know what I dont know". My wife and are Canadian and US citizens currently living in Tennessee, having moved to the US from Canada over 15 yrs ago. We have both RRSP's and ...
by rallo
Wed Feb 07, 2018 1:04 am
Forum: Canada / United States Tax & Accounting
Topic: Liquidating RRSP in 2018
Replies: 17
Views: 9883

I am in a similar position as JCYR and was wondering about Nelsona's comment about how to manage your RRSP from the US. My RRSP's returns have been dismal over the past 15 yrs and I am unable to manage them presumably because of US/Cdn rules but I would be interested in knowing of any brokerage firm...