reporting RRSP/RRIF distributions to IRS
Moderator: Mark T Serbinski CA CPA
reporting RRSP/RRIF distributions to IRS
I understand that as an American, contributions are tax-exempt while growth is not. This should be easy to calculate if we collapse the RRSP all at once, however, if it happens in stages or periodic payments, how do we determine what is taxable? Will we have to keep complicated spreadsheets?
Of course.
When taking periodic distributions, you prorate the taxable portion over the entire account (beginning of year value), reducing the taxable amount each year.
RRSP contributions made thru employer ARE tax deductible on 1040 since 2009 and this MUST be included in the taxable portion.
When taking periodic distributions, you prorate the taxable portion over the entire account (beginning of year value), reducing the taxable amount each year.
RRSP contributions made thru employer ARE tax deductible on 1040 since 2009 and this MUST be included in the taxable portion.
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing 