Search found 21 matches

by maskdoll
Sun Mar 03, 2024 7:41 pm
Forum: Canada / United States Tax & Accounting
Topic: Roth reporting
Replies: 6
Views: 233

Re: Roth reporting

Just found out that my husband's 401k has traditional account and roth account.
He never reported anything on Roth account to CRA. What could he do?
by maskdoll
Sun Mar 03, 2024 7:37 pm
Forum: Canada / United States Tax & Accounting
Topic: FTC on RSU capital gain
Replies: 3
Views: 129

Re: FTC on RSU capital gain

Any suggestions?
by maskdoll
Tue Feb 20, 2024 1:18 am
Forum: Canada / United States Tax & Accounting
Topic: FTC on RSU capital gain
Replies: 3
Views: 129

Re: FTC on RSU capital gain

Forgot to ask an important question: if US tax paid can't be used fully as FTC, will extra go to line 23200 in T1?
by maskdoll
Tue Feb 20, 2024 1:17 am
Forum: Canada / United States Tax & Accounting
Topic: FTC on RSU capital gain
Replies: 3
Views: 129

Re: FTC on RSU capital gain

Forgot to ask another question: if US tax paid can't be used all as FTC, will the extra goes to line 23200 on T1?
by maskdoll
Tue Feb 20, 2024 1:11 am
Forum: Canada / United States Tax & Accounting
Topic: FTC on RSU capital gain
Replies: 3
Views: 129

FTC on RSU capital gain

Background: US commuter, residents for both US and Canada 1) just to clarify that there is no cap on FTC on US-based employment income 2) Generally speaking, FTC on foreign capital gain has a 15% cap on US tax paid except it's US-sourced. I wonder if RSU issued by a US company would qualify the exem...
by maskdoll
Mon May 01, 2023 5:27 pm
Forum: Canada / United States Tax & Accounting
Topic: How to lower Canadian tax for dual residents of US and Canada
Replies: 2
Views: 829

Re: How to lower Canadian tax for dual residents of US and Canada

Since US husband has to pay CRA 10k for tax owing. It's a large amount.
When he file US return, can he put this amount on itemized deduction form 'Other tax' line, or put on 1116 foreign tax credit?

Thx
by maskdoll
Mon May 01, 2023 5:23 pm
Forum: Canada / United States Tax & Accounting
Topic: Foreign tax Credit-- how to file correctly
Replies: 2
Views: 862

Re: Foreign tax Credit-- how to file correctly

One more question, for form T2209, "foreign income": is it total gross income without any standard/itemized deductions? E.g., wage + interest+dividend+capital gain. Can we just "adjusted gross income" or "Taxable income" in 1040?
by maskdoll
Mon May 01, 2023 3:09 pm
Forum: Canada / United States Tax & Accounting
Topic: How to lower Canadian tax for dual residents of US and Canada
Replies: 2
Views: 829

How to lower Canadian tax for dual residents of US and Canada

Just submitted the MFJ return for US for US husband and Canada wife. Happy to save some money Trying to file Canada tax files with T2209 for foreign tax credit for US wage, realizing that US husband owes a looooot to CRA. Basically, the money saved by MFJ from IRS now turns into the hand of CRA. Any...
by maskdoll
Sun Apr 30, 2023 9:37 pm
Forum: Canada / United States Tax & Accounting
Topic: Foreign tax Credit-- how to file correctly
Replies: 2
Views: 862

Foreign tax Credit-- how to file correctly

After going through previous posts on this topic, I just want to make sure I understand it correctly. For US filing, on Form 1116, we can use Canadian tax actually paid during the filing year, in sometimes it's over paid, as we would get refund the next year. For Canada Filing, on form T2209, we use...
by maskdoll
Mon Apr 17, 2023 12:00 am
Forum: Canada / United States Tax & Accounting
Topic: Reporting RESP Government Grant as interest, capital gain or capital gain distribution?
Replies: 2
Views: 988

Reporting RESP Government Grant as interest, capital gain or capital gain distribution?

I got to know that RESP is no longer subject to 3520/3520-A reporting. However, do we still need to report dividend, interest, etc on 1040 as foreign income annually? Specifically, I want to know how to report the Government Grant. It's basically cash sitting in the brokage account. Shall I report i...
by maskdoll
Mon Aug 01, 2022 12:35 pm
Forum: Canada / United States Tax & Accounting
Topic: Making the choice to treat nonresident spouse as a resident
Replies: 4
Views: 1642

Making the choice to treat nonresident spouse as a resident

Here is some background: Husband works in the U.S., wife works in Canada, for the past several years and for now. Don't expect to change in near future. Several years ago, when the husband learnt to file U.S. tax, he applied an ITIN for the wife, aka, treating nonresident wife as a U.S. resident. So...
by maskdoll
Sun Dec 26, 2021 11:07 pm
Forum: Canada / United States Tax & Accounting
Topic: Help: California Dependent exemption credit denied
Replies: 5
Views: 1579

Re: Help: California Dependent exemption credit denied

Hi ND, thanks so much for your reply. In the W-7 instruction, it stated that after 2018, oversea dependents wouldn't receive ITIN numbers unless they would receive any benefits. I didn't know it until I phoned a few IRS authorized ITIN acceptance agents. These agents told me my kids are not qualify ...
by maskdoll
Mon Dec 13, 2021 10:54 pm
Forum: Canada / United States Tax & Accounting
Topic: Help: California Dependent exemption credit denied
Replies: 5
Views: 1579

Re: Help: California Dependent exemption credit denied

I am in California with H1B visa, and my wife and the kids are Canadians and in Canada. Every year, I fill tax as married filling separately. My kids are not eligible for ITINs as they didn't visit the US, and we are not filling tax together. Trump changed the rules in 2018, so oversea dependents wo...
by maskdoll
Sat Dec 11, 2021 6:54 pm
Forum: Canada / United States Tax & Accounting
Topic: Help: California Dependent exemption credit denied
Replies: 5
Views: 1579

Help: California Dependent exemption credit denied

Background: For taxable years 2018 through 2025, California allows Dependent Exemption Credits to personal income taxpayers with dependents, including dependents residing in Mexico or Canada. For foreign dependents who do not qualify for a SSN or an ITIN, form FTB 3568 must be filled and provide sup...