Reporting RRIF income on 2018 1040

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worryfreeinvestor
Posts: 144
Joined: Thu Mar 24, 2005 6:17 pm
Location: Seattle, WA

Reporting RRIF income on 2018 1040

Post by worryfreeinvestor »

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: 16963
Joined: Wed Oct 27, 2004 2:33 pm
Location: Nowhere, man

Re: Reporting RRIF income on 2018 1040

Post by nelsona »

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

More importantly, have you figured out what is taxable.
I am taking my usual break from this site until May. Always too many tax-form specific questions at this time of year...
nelsona non grata. Non pro. Search previous posts. Happy Browsing :D
worryfreeinvestor
Posts: 144
Joined: Thu Mar 24, 2005 6:17 pm
Location: Seattle, WA

Re: Reporting RRIF income on 2018 1040

Post by worryfreeinvestor »

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: 16963
Joined: Wed Oct 27, 2004 2:33 pm
Location: Nowhere, man

Re: Reporting RRIF income on 2018 1040

Post by nelsona »

Well, there are dozens of threads on this, but the taxable portion of your RRSP (now RRIF) is unlikely to be 100%. Happy browsing.
I am taking my usual break from this site until May. Always too many tax-form specific questions at this time of year...
nelsona non grata. Non pro. Search previous posts. Happy Browsing :D
worryfreeinvestor
Posts: 144
Joined: Thu Mar 24, 2005 6:17 pm
Location: Seattle, WA

Re: Reporting RRIF income on 2018 1040

Post by worryfreeinvestor »

I even forgot the 8891 is obsolete!
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