Search found 26 matches

by papillary
Thu Apr 08, 2021 2:02 pm
Forum: Canada / United States Tax & Accounting
Topic: CRA Schedule 3 Capital Gains and Losses
Replies: 1
Views: 1070

CRA Schedule 3 Capital Gains and Losses

I am trying to figure out how this is supposed to work. So I have some money overseas that is gaining good interested and reported on my Canadian taxes. Unfortunately the value of the currency in this country went down a lot and let us say if for example I had 10,000 worth in USD, now the money is w...
by papillary
Thu Jun 06, 2019 12:56 pm
Forum: Canada / United States Tax & Accounting
Topic: PRO FORMA 1040
Replies: 0
Views: 5576

PRO FORMA 1040

Hi Nelsona, Hope you are doing well. I filed my taxes per your guidance use the PRO FORMA 1040 rate on form 1040NR. I just got a letter today from IRS saying basically that I owe them money. Basically they disregarded the PRO FORM 1040 value line 11 which was used to calculate the tax rate inputted ...
by papillary
Thu Jun 06, 2019 12:44 pm
Forum: Canada / United States Tax & Accounting
Topic: Pro Forma 1040 for XXV(4) calculation for US Return 2018
Replies: 15
Views: 11628

Re: Pro Forma 1040 for XXV(4) calculation for US Return 2018

Hi Nelsona Hope you are doing well. I filed my taxes per your guidance use the PRO FORMA 1040 rate on form 1040NR. I just got a letter today from IRS saying basically that I owe them money. Basically they disregarded the PRO FORM 1040 value line 11 which was used to calculate the tax rate inputted o...
by papillary
Tue Apr 09, 2019 1:56 pm
Forum: Canada / United States Tax & Accounting
Topic: Article XXV for Canadian Residents
Replies: 53
Views: 21925

Re: Article XXV for Canadian Residents

Nelsona or Nikitapunch what is meant by this phrasse "You can deduct the Cdn taxes paid in the tax year" if my worked in canada and she paid taxes (deducted on pay check), I would reduce her income that I am going to report on the pro forma by that X amount of taxes that she paid. ? let us...
by papillary
Sun Apr 07, 2019 7:56 pm
Forum: Canada / United States Tax & Accounting
Topic: Article XXV for Canadian Residents
Replies: 53
Views: 21925

Re: Article XXV for Canadian Residents

Thank you both for your input.

nikitapunch,

Can you tell me for the 1040 Pro Forma, did you fill out page 1 completely with your info and your husband's and you both signed it.....
by papillary
Fri Apr 05, 2019 2:11 pm
Forum: Canada / United States Tax & Accounting
Topic: Article XXV for Canadian Residents
Replies: 53
Views: 21925

Re: Article XXV for Canadian Residents

told my friend about the pro forma and all that stuff that I learned about here. My friend calls the IRS international help to get that he felt he needed and he was told that they never heard of this. Does this make sense to anyone?
by papillary
Thu Apr 04, 2019 2:25 pm
Forum: Canada / United States Tax & Accounting
Topic: Child Tax Credit and World Income Reporting
Replies: 34
Views: 12093

Re: Child Tax Credit and World Income Reporting

nelsona,

Thank you so much for all your help.

Just one more question about the pro forma 1040, do we need to fill any schedule and submit them along with the 1040NR XXV (3) and pages 1 and 2 of the fake 1040.
by papillary
Wed Apr 03, 2019 2:59 pm
Forum: Canada / United States Tax & Accounting
Topic: Child Tax Credit and World Income Reporting
Replies: 34
Views: 12093

Re: Child Tax Credit and World Income Reporting

nelsona, I totally get what you are saying. I am just trying to grasp what the other implications might be, since I will only have my US income to report. I have no rental income, no savings account and the foreign interest income is not even mine since it is my wife's money (although it is a joint ...
by papillary
Wed Apr 03, 2019 12:38 pm
Forum: Canada / United States Tax & Accounting
Topic: Child Tax Credit and World Income Reporting
Replies: 34
Views: 12093

Re: Child Tax Credit and World Income Reporting

nelsona thank you so much for ur input. here is the thing, tactics wise I was thinking ahead for next year 2019. I mean even for this year I came ahead by a couple hundred dollars when I ran it as a true 1040 because I only have US income myself. Where as when I run it as 1040NR w/ pro forma, it has...
by papillary
Wed Apr 03, 2019 8:29 am
Forum: Canada / United States Tax & Accounting
Topic: Child Tax Credit and World Income Reporting
Replies: 34
Views: 12093

Re: Child Tax Credit and World Income Reporting

nelsona, I am going to have to bug again. Hopefully I will keep it short and simple to get you valuable (as always) advice. I ran all 3 scenarios last night that you mentioned: a true 1040 MFS, a 1040NR, and the 1040NR XXV (3) with pro forma 1040 I kept it simple with no CTC or OCD. For true 1040 MF...
by papillary
Mon Apr 01, 2019 8:12 am
Forum: Canada / United States Tax & Accounting
Topic: 2018 Child Tax Credit - SSN Requirement
Replies: 5
Views: 2414

Re: 2018 Child Tax Credit - SSN Requirement

wait don't you still need SSN to claim the Additional CTC, just as you would to claim the CTC?
by papillary
Mon Apr 01, 2019 7:28 am
Forum: Canada / United States Tax & Accounting
Topic: Article XXV for Canadian Residents
Replies: 53
Views: 21925

Re: Article XXV for Canadian Residents

nelsona, Thank you for your continued input. I had read that example about other dependent in Mexico, and what you said makes complete sense, that perhaps we can claim the OCD under the treaty but in the Mexico example that person did not qualify to get the OCD, so a Canadian would then be in same p...
by papillary
Sun Mar 31, 2019 8:59 pm
Forum: Canada / United States Tax & Accounting
Topic: Child Tax Credit and World Income Reporting
Replies: 34
Views: 12093

Re: Child Tax Credit and World Income Reporting

nikitapunch,

In your reply about the Child Tax Credit, you mention Article XXV (25), but I do not think that exists since XXV goes up to (10) so if you could please clarify what you meant. Thanks
by papillary
Sun Mar 31, 2019 8:51 pm
Forum: Canada / United States Tax & Accounting
Topic: Child Tax Credit and World Income Reporting
Replies: 34
Views: 12093

Re: Child Tax Credit and World Income Reporting

adeboloj,

yes amount for child care expenses would of course have to be converted to USD (rate is 1.297 for 2018) divide whatever you paid in Canada by 1.297 to get the USD amount.
by papillary
Sun Mar 31, 2019 8:48 pm
Forum: Canada / United States Tax & Accounting
Topic: Child Tax Credit and World Income Reporting
Replies: 34
Views: 12093

Re: Child Tax Credit and World Income Reporting

For the child care expenses (line 47), I cannot see why you cannot claim that as long as you qualify according to the instructions for that line, to the below mentioned 5 requirements: 1. Your filing status may be single, head of household, qualifying widow(er) with dependent child, or married filin...