Serbinski Accounting Firms

I take full responsibility for not doing these ahead of time...back at the beginning of the year. 2005 was my first year of tax filing in the U.S and I really did not expect so many forms will be needed.

For the first time, in 2005, people got 6 month extension (versus 4 month as it had been). So ...

Sorry..for posting three in a row...I am kind of desperate to finish my return.
I forgot to mention - I received "Return of Capital" from a popular Canadian mutual fund company and the fund is classified as Income Trust Fund. I am not sure if it is same as a "Trust" as defined by IRS and I am afraid ...

I received "Return of Capital" of $900 Canadian which I am thinking is non-taxable and does not have to be reported. I am hoping to check "No" , on 1040 schedule B, Part III Foreign Accounts and Trusts - Line 8.
If I check "Yes" then they are talking about 3520 form and large penalties.

Any advice ...

I am about to mail my 1040 for year 2005. I thought I was done with everything when I realized TWO things which I was completely unaware of.
I am a Canadian citizen who moved to U.S in March 2005. For 2005, I am a Resident Alien

1. I hold RRSP accounts in Canada. I just found about 8891. At this ...

By asking so many questions, I hope I have not made you think "enough is enough" and not bother helping me...

Your note that you are electing to have your spouse treated as a US resident will be sufficient. This is not a treaty position.

1. What do you mean by a note ? Does this note need to be ...

Nelsona,

Regarding child tax credit....

A United States citizen who is in my situation is able to claim child tax credit. So based on XXV non-discrimination clause, a Canadian citizen should also be able to claim child tax credit. Correct??

It seems I need to take this treay position to clain ...

Which articles in the treaty does one avail to file as U.S residents?

The reason I ask is...
In my case, I plan on claiming child tax credit for my two kids...the requirement for this is the child be " Was a U.S. citizen, a U.S. national, or a resident of the United States...". By taking Treaty ...

Nelsona, First of all I can not thank you enough for all the help.

You said "...rely on non-discrimination if necessary". I guess you are referring to someone filing 8833 and using non-discrimination. Could you give an example when it is "necessary" for someone to do this? I am trying understand ...

As I begin to think after reading publication 519 page 10...
My wife evn though she came to the USA on October 02, 2005,
She did not live for 31 days in a row. This will make her non-resident alien. But she can make a choice to file as a residen alien because I am a resident alien. But what concerns ...

One more thing...
What did I miss by not meeting the June 30 date?
Using 1116, if I can get credit on 1040 for all the tax I paid CRA, then I am even right? Am I missing something here? Thanks.

Since we have not file Canadian taxes yet, I do not know how much tax credit to indicate on 1116. I plan on filing U.S taxes in the next few days.

This will really stink because I would pay several thousand dollars to IRS upfront and hope to recover through 1116 down the road.

Can I file 1116 ...

Thanks Nelson

I forgot to mention an important detail. My wife was receiving maternity benefits from Canada even though she was living in a third country. So that income is from a Canadian source and also she did not pay tax on this to the third country. Can we use 2555 to exempt this on 1040?

We ...

Just to add some info, my wife and I worked and lived in Canada from May 01, 2000 to February 28, 2005.
I am reading up on 2555. It seems as though I might be able to exclude my Canadian wages prior to U.S entry. However, my wife I am not sure. Since she lived in a third country from March 01, 2005 ...

This is regarding taxes for year 2005. I have not filed Canadian or U.S taxes taxes yet.

My wife and I lived and worked in Canada from Jan 01, 2005 to Feb 28, 2005.
Then From March 01, 2005 till now I have lived and worked in the U.S. on a TN visa. My wife and two kids lived in a third country and ...