SRSP claim on US taxes
Moderator: Mark T Serbinski CA CPA
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sisinpacific
- Posts: 2
- Joined: Sat Mar 30, 2024 8:07 pm
SRSP claim on US taxes
I have dual citizenship and live in the US. I have an SRSP that my broker refused to allow me to trade so I cashed it out (probably a mistake but OW) in 2023. The broker withheld 25% for tax. My accountant has no idea what to do with it for filing in the US. How do I deal with it on my US taxes? Is it treated as an investment account and only taxed on gains? IRA income? Please help me out. THanks
Re: SRSP claim on US taxes
not sure what an SRSP is. Clarify.
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing 
Re: SRSP claim on US taxes
I assume you mean spousal RRSP.
You would report the entire amount (before tax) as pension income on 1040. The taxable portion would be the growth since you moved to US.
The 25% tax would be used on a form 1116 to write off against the US tax that you owe on the taxable portion.
You would report the entire amount (before tax) as pension income on 1040. The taxable portion would be the growth since you moved to US.
The 25% tax would be used on a form 1116 to write off against the US tax that you owe on the taxable portion.
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing