Entering Canadian OAS and Canada Pension Plan
Moderator: Mark T Serbinski CA CPA
Entering Canadian OAS and Canada Pension Plan
We have lived in the US for 30 years and this year my husband starting collecting Canadian Old Age Security and Canada Pension Plan. Where does this income get reported?
<blockquote id="quote"><font size="1" face="Verdana, Arial, Helvetica" id="quote">quote:<hr height="1" noshade id="quote"><i>Originally posted by JackieP</i>
We have lived in the US for 30 years and this year my husband starting collecting Canadian Old Age Security and Canada Pension Plan. Where does this income get reported?
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On the 1040.
OK, not helpful.
Put it in boxes 16a and 16b. Note, only 85% of the OAS and CPP pensions are taxable, so put 100% of the amounts received (after translation to US $) in box 16a, and 85% in box 16b.
Carson
We have lived in the US for 30 years and this year my husband starting collecting Canadian Old Age Security and Canada Pension Plan. Where does this income get reported?
<hr height="1" noshade id="quote"></font id="quote"></blockquote id="quote">
On the 1040.
OK, not helpful.
Put it in boxes 16a and 16b. Note, only 85% of the OAS and CPP pensions are taxable, so put 100% of the amounts received (after translation to US $) in box 16a, and 85% in box 16b.
Carson
<blockquote id="quote"><font size="1" face="Verdana, Arial, Helvetica" id="quote">quote:<hr height="1" noshade id="quote"><i>Originally posted by Carson</i>
<blockquote id="quote"><font size="1" face="Verdana, Arial, Helvetica" id="quote">quote:<hr height="1" noshade id="quote"><i>Originally posted by JackieP</i>
We have lived in the US for 30 years and this year my husband starting collecting Canadian Old Age Security and Canada Pension Plan. Where does this income get reported?
<hr height="1" noshade id="quote"></font id="quote"></blockquote id="quote">
On the 1040.
OK, not helpful.
Put it in boxes 16a and 16b. Note, only 85% of the OAS and CPP pensions are taxable, so put 100% of the amounts received (after translation to US $) in box 16a, and 85% in box 16b.
Carson
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<font face="Book Antiqua">Thanks for the help Carson.
Jackie</font id="Book Antiqua">
<blockquote id="quote"><font size="1" face="Verdana, Arial, Helvetica" id="quote">quote:<hr height="1" noshade id="quote"><i>Originally posted by Carson</i>
<blockquote id="quote"><font size="1" face="Verdana, Arial, Helvetica" id="quote">quote:<hr height="1" noshade id="quote"><i>Originally posted by JackieP</i>
We have lived in the US for 30 years and this year my husband starting collecting Canadian Old Age Security and Canada Pension Plan. Where does this income get reported?
<hr height="1" noshade id="quote"></font id="quote"></blockquote id="quote">
On the 1040.
OK, not helpful.
Put it in boxes 16a and 16b. Note, only 85% of the OAS and CPP pensions are taxable, so put 100% of the amounts received (after translation to US $) in box 16a, and 85% in box 16b.
Carson
<hr height="1" noshade id="quote"></font id="quote"></blockquote id="quote">
Jackie</font id="Book Antiqua">
<blockquote id="quote"><font size="1" face="Verdana, Arial, Helvetica" id="quote">quote:<hr height="1" noshade id="quote"><i>Originally posted by Carson</i>
<blockquote id="quote"><font size="1" face="Verdana, Arial, Helvetica" id="quote">quote:<hr height="1" noshade id="quote"><i>Originally posted by JackieP</i>
We have lived in the US for 30 years and this year my husband starting collecting Canadian Old Age Security and Canada Pension Plan. Where does this income get reported?
<hr height="1" noshade id="quote"></font id="quote"></blockquote id="quote">
On the 1040.
OK, not helpful.
Put it in boxes 16a and 16b. Note, only 85% of the OAS and CPP pensions are taxable, so put 100% of the amounts received (after translation to US $) in box 16a, and 85% in box 16b.
Carson
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Slight correction to Carson's advice:
The CPP/OAS should actually go on line 20a and 20B
http://www.irs.gov/faqs/faq13-1.html
"Canadian benefits that are treated as U.S. social security benefits are reported on line 20a and 20b of Form 1040, U. S. Individual Income Tax Return or line 14a and 14b of Form 1040A."
<i>nelsona non grata... and non pro</i>
The CPP/OAS should actually go on line 20a and 20B
http://www.irs.gov/faqs/faq13-1.html
"Canadian benefits that are treated as U.S. social security benefits are reported on line 20a and 20b of Form 1040, U. S. Individual Income Tax Return or line 14a and 14b of Form 1040A."
<i>nelsona non grata... and non pro</i>
Nelson is of course correct.
<blockquote id="quote"><font size="1" face="Verdana, Arial, Helvetica" id="quote">quote:<hr height="1" noshade id="quote"><i>Originally posted by nelsona</i>
Slight correction to Carson's advice:
The CPP/OAS should actually go on line 20a and 20B
http://www.irs.gov/faqs/faq13-1.html
"Canadian benefits that are treated as U.S. social security benefits are reported on line 20a and 20b of Form 1040, U. S. Individual Income Tax Return or line 14a and 14b of Form 1040A."
<i>nelsona non grata... and non pro</i>
<hr height="1" noshade id="quote"></font id="quote"></blockquote id="quote">
<blockquote id="quote"><font size="1" face="Verdana, Arial, Helvetica" id="quote">quote:<hr height="1" noshade id="quote"><i>Originally posted by nelsona</i>
Slight correction to Carson's advice:
The CPP/OAS should actually go on line 20a and 20B
http://www.irs.gov/faqs/faq13-1.html
"Canadian benefits that are treated as U.S. social security benefits are reported on line 20a and 20b of Form 1040, U. S. Individual Income Tax Return or line 14a and 14b of Form 1040A."
<i>nelsona non grata... and non pro</i>
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