Search found 3 matches

by DolphinNose
Tue Apr 08, 2025 7:45 am
Forum: Canada / United States Tax & Accounting
Topic: Form 1116 only allows fraction of canadian taxes as credit?
Replies: 4
Views: 3441

Re: Form 1116 only allows fraction of canadian taxes as credit?

More or less a similar concern to me as well. I am filing for the first time and claiming the FTC. After researching and talking to 1-3 CPA, I realized there is no option other than to pay the IRS.
by DolphinNose
Sun Apr 06, 2025 8:58 am
Forum: Canada / United States Tax & Accounting
Topic: Illinois Part year Resident
Replies: 2
Views: 3177

Illinois Part year Resident

My family and I relocated to the USA in April 2024, and prior to that, we were living in Canada. For my Illinois state tax returns, I want to know if I can file as a part-year resident. My goal is to exclude the foreign income I earned before we moved to Illinois, as all my foreign income was earned...
by DolphinNose
Sat Apr 05, 2025 6:05 pm
Forum: Canada / United States Tax & Accounting
Topic: Form 1116 only allows fraction of canadian taxes as credit?
Replies: 4
Views: 3441

Re: Form 1116 only allows fraction of canadian taxes as credit?

I am in the same boat. Paid 11K in Canadian Taxes. But not able to credit it all in my USA taxes. Without Foreign Income, My Fed Taxes are 18,000 USD and with Foreign Income, It increased to 27,000 USD.