IRA distributions and tax witholding

This is our main tax information forum which deals with topics concerning Canadians living and working in the U.S., U.S. citizens contemplating working in Canada, and all aspects of Canadian and U.S. income tax and related adminstrative issues.

Moderator: Mark T Serbinski CA CPA

Post Reply
moi
Posts: 39
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!
Top
nelsona
Posts: 18363
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.
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing :D
Top
Post Reply

Return to “Canada / United States Tax & Accounting”