Wed, Oct 1, 2014, 2:15 AM EDT - U.S. Markets open in 7 hrs 15 mins

Recent

% | $
Quotes you view appear here for quick access.

Pengrowth Energy Corporation Message Board

you are viewing a single comment's thread.

view the rest of the posts
  • philpt philpt Mar 28, 2008 2:07 PM Flag

    Reporting K1 for an IRA

    I think you can write off your foreign tax paid from IRA when you withdraw it (partial or full amount).

    SortNewest  |  Oldest  |  Most Replied Expand all replies
    • According to the IRS rep that I spoke to, he said no but his reasoning was nonsensical. He said because the IRA custodian doesn't report the foreign tax paid on the 1099-R form, there's no evidence that you paid it. I told him that the custodians only report what's required on the Form and that there's no box for foreign taxes paid. He also tried to make the distinction that a distribution from your IRA is not from foreign sourced income because the IRA is located in the US, even if the investment income within the IRA is from Canadian. That's why I thought I'd try calling Canada and also submit a request to Fidelity. I have a lot of free time.

      • 1 Reply to marklibera
      • What I have heard is that you and your IRA are two separate entities. You can't claim credit for a tax your IRA paid out.....only the custodian could do that, and of course doesn't. Anyway, after seeing much discussion over the years I am pretty sure that you have no legal basis for claiming credit for foreign taxes on your IRA. I'm not saying you couldn't get away with it, but I'm sure not trying it.

 
PGH
5.20-0.12(-2.26%)Sep 30 4:08 PMEDT

Trending Tickers

i
Trending Tickers features significant U.S. stocks showing the most dramatic increase in user interest in Yahoo Finance in the previous hour over historic norms. The list is limited to those equities which trade at least 100,000 shares on an average day and have a market cap of more than $300 million.
Cyber-Ark Software Ltd.
NasdaqGSTue, Sep 30, 2014 4:00 PM EDT
eBay Inc.
NasdaqGSTue, Sep 30, 2014 4:15 PM EDT
Civeo Corporation
NYSETue, Sep 30, 2014 4:04 PM EDT