RRSP closed, 1099B forms, Schedule D?

[peters]

Hi,
I closed my RRSP account in 2013. The investment company sent a bunch of 1099B forms. Based on the cost basis I had a loss of $200.


I have done follows:
1) Filed 8891 showing disbursement of 3k and but 0 taxable since cost basis was 3.2k
2) Reported 1099B in Schedule D
3) This resulted in loss reported on line 13 of 1040

I also have foreign tax on this withheld in Canada (it was ~25%). I read that I could carry over this amount to next year since I am taking Standard deduction not itemized.


I am not sure about 2) and 3).

Thanks,
Peter

[nelsona]

1. Correst.
2. Not correct. The 1099's are of no use to you. The only otpion you have is to declare the loss as a terminal loss on schedule A (which you are not using) so the loss is not going to help you, since you cannot carry it forward.

3. To cary forward the NR tax you paid, you need to file a 1116 with 0 foreign income. Do you have some other source of Cdn income that will allow you to use this credit. If not, arrying forwrd is not going to help you.

Again, you could use the tax as a foreign tax deduction on schedule A, but only for 2013 the year it happened.
In general, deductible expenses can only be used in the year they are incurred on Schedlue A. If you use standard deduction, they are lost. They are not carried forward.

[peters]

> 3. Do you have some other source of Cdn income that will allow you to use this credit?

Not really, except maybe interest income which is next to nothing. Maybe it is not worth the paperwork at this point.

Thanks for the response. This simplifies my Schedule D.