Reporting RRIF income on 2018 1040

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worryfreeinvestor
Posts: 141
Joined: Thu Mar 24, 2005 6:17 pm
Location: Seattle, WA

Reporting RRIF income on 2018 1040

Post by worryfreeinvestor » Tue Apr 09, 2019 2:36 pm

US resident received Canadian RRIF distribution in 2018. Form 8891 (last revised in 2012) states to report on line 16a and 16b of 1040, but that cannot be right for 2018. Should I report on new line 4(a)? (The answer seems so obvious I hesitate to ask, but IRS treats RRSPs and RRIFs differently than other pension income or foreign trusts.)

nelsona
Posts: 15980
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Re: Reporting RRIF income on 2018 1040

Post by nelsona » Tue Apr 09, 2019 3:21 pm

look at old 16a. Then use the same line on the new form.

More importantly, have you figured out what is taxable.
Nelsona Non grata. Non pro. Search previous posts. Happy Browsing :D

worryfreeinvestor
Posts: 141
Joined: Thu Mar 24, 2005 6:17 pm
Location: Seattle, WA

Re: Reporting RRIF income on 2018 1040

Post by worryfreeinvestor » Tue Apr 09, 2019 6:24 pm

I was planning to report the gross income (as reported in CRA NR4) as taxable and then claim a foreign tax credit for the 15% withheld (also reported on CRA NR4). Or is there another way to report a RRIF distribution?

nelsona
Posts: 15980
Joined: Wed Oct 27, 2004 2:33 pm
Location: Nowhere, man

Re: Reporting RRIF income on 2018 1040

Post by nelsona » Tue Apr 09, 2019 8:31 pm

Well, there are dozens of threads on this, but the taxable portion of your RRSP (now RRIF) is unlikely to be 100%. Happy browsing.
Nelsona Non grata. Non pro. Search previous posts. Happy Browsing :D

worryfreeinvestor
Posts: 141
Joined: Thu Mar 24, 2005 6:17 pm
Location: Seattle, WA

Re: Reporting RRIF income on 2018 1040

Post by worryfreeinvestor » Fri Apr 12, 2019 3:11 pm

I even forgot the 8891 is obsolete!

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