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?
Search found 21 matches
- Sun Mar 03, 2024 7:41 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Roth reporting
- Replies: 6
- Views: 323
- Sun Mar 03, 2024 7:37 pm
- Forum: Canada / United States Tax & Accounting
- Topic: FTC on RSU capital gain
- Replies: 3
- Views: 192
Re: FTC on RSU capital gain
Any suggestions?
- Tue Feb 20, 2024 1:18 am
- Forum: Canada / United States Tax & Accounting
- Topic: FTC on RSU capital gain
- Replies: 3
- Views: 192
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?
- Tue Feb 20, 2024 1:17 am
- Forum: Canada / United States Tax & Accounting
- Topic: FTC on RSU capital gain
- Replies: 3
- Views: 192
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?
- Tue Feb 20, 2024 1:11 am
- Forum: Canada / United States Tax & Accounting
- Topic: FTC on RSU capital gain
- Replies: 3
- Views: 192
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...
- 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: 883
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
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
- Mon May 01, 2023 5:23 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Foreign tax Credit-- how to file correctly
- Replies: 2
- Views: 912
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?
- 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: 883
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...
- Sun Apr 30, 2023 9:37 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Foreign tax Credit-- how to file correctly
- Replies: 2
- Views: 912
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...
- 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: 1090
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...
- Wed Aug 03, 2022 10:25 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Making the choice to treat nonresident spouse as a resident
- Replies: 4
- Views: 1730
Re: Making the choice to treat nonresident spouse as a resident
Nelsona, where are you? Your insight, please
- 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: 1730
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...
- Sun Dec 26, 2021 11:07 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Help: California Dependent exemption credit denied
- Replies: 5
- Views: 1631
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 ...
- Mon Dec 13, 2021 10:54 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Help: California Dependent exemption credit denied
- Replies: 5
- Views: 1631
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...
- Sat Dec 11, 2021 6:54 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Help: California Dependent exemption credit denied
- Replies: 5
- Views: 1631
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...