RRSP loss reporting

[igrek]

I had a small RRSP (about 5K) for a number of years from which I withdrew all money recently. From the US perspective it is a loss, because Canadian dollar fell over these years against USD; after converting in US dollars, the amount deposited was higher than the amount withdrawn. How to report this in the US tax return, and does it have to be reported at all?

[nelsona]

If this is the last of your RRSPs, you can claim it as a terminal loss, but this would require a itemizing your deductions.

For the withdrawal you report the gross value as the amount you withdrew and the taxable portion as 0.

[igrek]

Thank you. No, it is not the last RRSP.

Where to report the withdrawal? Can it be done just by appending a comment to the US tax return submitted by mail?

[nelsona]

No. You have to report the gross and taxable (0) income on the pension line of your 1040. 5a and b.