Serbinski Accounting Firms

Whoops, I hit enter too early. Here are my questions: 1. Did I make a mistake, or for 2022 does any income above about $137k cause the AMT to kick in and not zero out my US taxes? 2. If indeed I have to pay the US $2k due to the AMT FTC not offsetting my US taxes, can I clam that $2k (after converti...

Hi, I'm a US person residing and earning wages in Canada, and while filling out my US tax forms, I found that the AMT kicked in and the foreign tax credit is not zeroing-out my US taxes. Here's a simplified example: Canadian wages of $150,000 USD, Canadian taxes of $50,000 USD. If I fill out the US ...

Thanks for your quick reply! Regarding question 1, since I can't re-source the US dividend income to Canada, does that mean I'll be double-taxed, or will I be able to claim a foreign tax credit or something either on my US or Canadian returns? If not, does the tax treaty somehow limit my tax rate? M...

Hi there! I'm a US Citizen residing and working in Canada. My income sources are Canadian wages, Canadian bank interest, US bank interest, and dividends from my US-based brokerage account, containing all US-domiciled ETFs. I'm wondering about how to properly report dividends from my US brokerage: 1....

Thanks for the clarification, and for all your help! My reference to 15% was related to some tax limits mentioned in Article XI of the treaty. One of my certificate of deposits is contingent, but I'm guessing that a CD is considered to be portfolio income, so perhaps paragraph XI 6(a) doesn't apply ...

Hi, Thanks again for informing me about how US interest income can be re-sourced. I was able to fill out the form 1116, both with software and manually, although I think the software I was using wasn't aware of anything related to citizenship or treaties. So, here's a final result (with well-rounded...

Thanks again, that's clear now. I see from your reply in a different post that for a simple case of re-sourcing bank interest, it isn't necessary to also file form 8833, as the "re-sourced by treaty" on form 1116 is sufficient, so I assume that would apply to my case as well. Thanks again ...

Thank you for the clarification, I didn't know about the re-sourced concept. If my understanding is correct, then while residing in Canada, in order to avoid double-taxation on my US bank interest, I should fill out the worksheet "Additional Foreign Tax Credit on U.S. Income" on page 26 of...

Thank you very much for your quick reply! Sorry if I wasn't clear, but I am a US citizen. Does that change your answers to questions 1 & 2? Thanks also for your answer to questions 3 -- that's quite a relief :-)

Thank you!

Hi, Thanks for the forum! I think I have a straightforward situation, but I'm confused on a few details. I'm a US citizen and moved to Canada in late 2018. My income was as follows: - Jan-Oct: Resident of US, wages from US company and US bank interest - Nov-Dec: Resident of Canada, wages from Canadi...