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January 24, 2022
Question

I had an RRSP in Canada, and I withdrew from it in 2021. How do I report this on the 1040?

  • January 24, 2022
  • 1 reply
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I was a Canadian citizen, and moved to the US in 1995.  I became a US citizen in 2005.  I solely contributed to the RRSP while I was in Canada.  I reported the RRSP on the FBAR annually.  I withdrew some of the RRSP in 2021, and paid 25% Canadian Tax.  How and where do I report the money withdrawn, on the 1040, and where do I report the tax paid?

1 reply

January 24, 2022

To enter Canadian RRSP in TurboTax Online:

  1. In the top banner, select tab Federal taxes 

  2. Select Wages & Income 

  3. Scroll down to Retirement Plans and Social Security, and click the Show more dropdown

  4. Here, you’ll see Canadian Registered Pension Income.  Select Start and enter your relevant information.

To compute foreign tax credit, go to:

  1. In the right upper corner type foreign tax credit in the search box and Enter 

  2. Select Jump to foreign tax credit 

  3. At the Foreign Taxes screen, select Continue and follow the prompts.

When you're a U.S. citizen or resident, you need to report all of your income, whether it was earned in the U.S. or abroad.