Taxation Confusion with RRSP Disclosure on US Tax Return

[DKBN]

Hello, I have been searching this forum for several weeks now, and found it very useful as it relates to RRSP and disclosure.

If understood the different posts correctly, the only income which is taxable is the gains. However, using a taxation sw to do the taxes, I am not sure if I have done it right.

Here are the rough numbers: Total Value - $45,000, Total Gain $11,000 and Total Tax Paid(25%), $11,000.

Based on the above, I would have expected some of the tax to come back since only the "gain" is taxable($11k income and $11k taxed). Do I have this right since what I am seeing does not seem to be doing what my understanding is. Thx

[nelsona]

Yes, you will get some tax back, by filing Form 1116. Of course, it will not be all of the tax, since 11K of RRSP income only is taxed at roughly 10-15% tax.

So, the most you will get back is 2-3 thousand.

[DKBN]

Thanks, I will have to look at that form closer to see why I am seeing the discrepancies. Thanks for your help.