Total RRIF withdraw or IRS-taxable portion on 1116 1a ?

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pyt
Posts: 7
Joined: Fri Sep 08, 2017 5:17 pm

Total RRIF withdraw or IRS-taxable portion on 1116 1a ?

Post by pyt »

Hi, green card holder for 7 years now.

I'm planning to convert RRSP to RRIF and start periodic withdraws with 15% CRA tax withheld. On Foreign Tax Credit form 1116 line 1a, will I put the total amount of the withdrawal or only the amount that is taxable by the IRS? Putting the total amount reduces the IRS tax payable quite a bit.

Also, General Category Income correct?

Thanks in advance
nelsona
Posts: 18363
Joined: Wed Oct 27, 2004 2:33 pm
Location: Nowhere, man

Post by nelsona »

One puts only the taxable amount on the first line of your general category 1116. The term 'gross" here refers to the amount that was considered "gross income" on page 1 of 1040, which is only the "net" pension amount.
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing :D
pyt
Posts: 7
Joined: Fri Sep 08, 2017 5:17 pm

Post by pyt »

Thanks, all clear now... gross is net :-)
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