Search found 3 matches
- Fri Jun 12, 2020 9:33 am
- Forum: Canada / United States Tax & Accounting
- Topic: Foreign Tax credit calculation on firm 1116
- Replies: 4
- Views: 1589
Re: Foreign Tax credit calculation on firm 1116
That's great to know! Thanks. I will definitively look into 2555 (I'm definitively in Can for 330 days straight).
- Thu Jun 11, 2020 4:00 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Foreign Tax credit calculation on firm 1116
- Replies: 4
- Views: 1589
Re: Foreign Tax credit calculation on firm 1116
Thanks for the clear answer! My worries are confirmed now... I’ll have to pay double taxes I’m afraid (at least it’s how I feel as I’m already paying the taxes from my Can income to Can). I can’t use the 2555 form, as I spent 6 months in the US in 2019. Hopefully next year...
- Wed Jun 10, 2020 10:44 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Foreign Tax credit calculation on firm 1116
- Replies: 4
- Views: 1589
Foreign Tax credit calculation on firm 1116
I’m a US citizen working in Canada since July 2019. This is my first time filling my 1040 form with non-US income. I calculated the taxes I paid in Canada (Federal + Provincial taxes) and reported it on my foreign tax credit 1116 tax form. However, after following the IRS instructions, filling all t...