IRA distributions and tax witholding

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moi
Posts: 44
Joined: Sat Aug 13, 2011 9:47 am

IRA distributions and tax witholding

Post by moi »

Could you please clarify something for me?
When I make a withdrawal on my IRA, and they withold 15% for taxes: is the entire amount considered my withdrawal?
If not, how do I enter that on my Canadian form?
Thank you!
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nelsona
Posts: 18675
Joined: Wed Oct 27, 2004 2:33 pm
Location: Nowhere, man

Re: IRA distributions and tax witholding

Post by nelsona »

The entire gross amount, before taxes is considered income. The US tax is credited on your Cdn tax return.
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
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