Serbinski Accounting Firms

Did RRSP lump sum withdrawal in 2023 to close account in full. In addition to FBAR, I have reported RRSP each year since we moved to US on Form 8938, including this 2023 tax filing. I am wondering how the withdrawal/closing should be properly reported on this year's 8938 given the withdrawal and clo...

One more important note: we have not been NY taxable the whole time since moving Canada > USA. Were in state with zero state income tax 2017-2022, only moved to NY during 2022. I know for employment income, NY tax applies only to income earned while one was NY taxable. The account has only made abou...

agree to a point, the software is only as good as its inputs (even if there are just 3 of them: pension, taxable pension, foreign tax). First time through I mistakenly put the full $340k as Part I income on 1116 (not the $90k US taxable amount) that made the FTC credit totally wrong resulting in an ...

ok thx, and the methodology (which amounts on which forms/lines) as I wrote above, it all seemed to make sense I didn't have the wrong amount on the wrong form etc for this transaction?

And am I supposed to include anything to substantiate the rrsp (cost base, FX rates etc) with the US tax filing or just have on hand if ever queried on it? (Not sure how to append it to Efiling anyhow.) thanks.

Thanks on FX. Was the methodology correct (which amounts on which forms/lines) as I wrote above?

Ok thanks for clarifying (especially on pts 1&2). RRSP was just self-directed (then broker managed), not employer-sponsored/pension. For my figures, just to simplify, based on how you have instructed in other threads: On form 1040: * $340k to line 5a (pension) * $90k to line 5b (taxable pension)...

can't edit post (?) but wanted to add that we will be itemizing ( = not taking standard deduction) for our 2023 US tax filing.

Considering sizeable lump sum withdrawal of entire Canada RRSPs as US residents ($340k US) and have a couple questions before starting this with broker. Canada tax residency ended (+ US began) in July 2017. At date of residency change, RRSP was all cash, to crystallize cost base, worth ~$250k US. Si...