Canadian social security

[Kaye Thompson]

Where would you put Canadian Social Security on a IRS form 1040 Where do I enter this? Do I add it to our social security?

[mastertaxguy]

Kaye, take a look at IRS Publication 597, https://www.irs.gov/pub/irs-pdf/p597.pdf, All 5 pages.

Also, when we do these we use the US Treasury exchange rates for year, not as of each receipt. Never a challenge by IRS on the exchange rate. After all, per IRS: " Generally, it [the Service] accepts any posted exchange rate that is used consistently. When valuing currency of a foreign country that uses multiple exchange rates, use the rate that applies to your specific facts and circumstances."

There is a yearly average on their (IRS) web site which we are using this year as needed.

We put the Canadian funds on the other income line. The treaty has some exclusions for US ciitizens; not sure it applies to US Residents who are not citizens.

Have Fun, eh.

[New York Enrolled Agent]

Where would you put Canadian Social Security on a IRS form 1040 Where do I enter this? Do I add it to our social security?

I would review IRS Notice 98-23 - treated like U.S. SS

[mstaxresolution@gmail.com]

I agree with New York Enrolled Agent. Convert to US Dollars and report same as US Social Security Benefits. This would include Canadian benefits reported on both NR4 and NR4-OAS.