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Gold/Mining/Energy : Big Dog's Boom Boom Room -- Ignore unavailable to you. Want to Upgrade?

To: lzc who wrote (61756)	3/17/2006 10:38:00 AM
From: Tommaso	Read Replies (1) \| Respond to of 206322

The one thing I would add to that is that--if the whole idea is in fact legal--remember that your total taxable distribution needs to be calculated as what went into the IRA plus the 15% that Canada took out. The tax credit on the Canadian withholding is towards taxes on the total amount. So if you took out $850 of Canadian income from the IRA, you must pay U. S. taxes on $1,000. Then you get a credit of $150 towards your US taxes. I am going to do this for 2006 taxes. I think it is a murky and unsettled area, but I think that we ought to get credit for the Canadian taxes paid on our income. If the IRS disallows it in an audit, then just pay them whatever they demand, plus pena;ties and interest.