Reporting LIRA withdrawal as SSA Income?
Moderator: Mark T Serbinski CA CPA
Reporting LIRA withdrawal as SSA Income?
Hello, first time filing Canadian LIRA income from a withdrawal in 2018 for me as a US resident. T$RSP with the lump-sum in box 22 and the tax withheld in box 30. Thats it. we were advised the other night by a TurboTax CPA that we should be reporting a lump-sum withdrawal from my LIRA/locked-in RRSP in the section under Social Security Payments, as well as the tax paid, and this is the correct procedure. But doing this does not designate this as foreign income or foreign tax paid. We tried putting it into the retirement accounts area but that didn't allow us to claim the tax. When we tried inputting the tax into the foreign tax credits 1116 form, we got no credit for the tax showing up in the summary. Please let us know if we were given the correct information, if you can, thank you so much!
Re: Reporting LIRA withdrawal as SSA Income?
Wrong. RRSP/LIRA is pension income, pure and simple.
After 20 years, I am severely cutting back on responses. Do not ask specifically for my help. There are a few others on this board that can answer most questions. All the best