Serbinski Accounting Firms

Likely the best thing to do is to leave the 401(k) intact, or roll it to an IRA, and keep it until your normal retirement age.

This prevents the imposition of the 10% early withdrawal penalty, and results in a diversified retirement portfolio.

If you move back to Canada, and live in Canada during ...

The currency issue is completely separate from tax, but could be important as well. If you move back to Canada, it is not necessary for you to move all of your invesments back. In fact, you should consider the long term trends in the currency in which you are invested vs. the Canadian dollar, and ...

First of all, you can roll amounts from a Coverdell plan to a 529 plan without tax effect.

Eligible educational institutions at which a designated beneficiary may incur qualified higher education expenses include any college, university, vocational school, or other post-secondary educational ...

Any scheme which purports to allow you to entirely opt out of taxation in Canada or the U.S. is a scam, and is totally illegal.

Do not follow the advice given by these crooks, or you will likely end up with huge fines, in jail, or both.

This topic is closed.

NOTE: For residents of California, the income earned within your RRSP is taxable at the state level, and is NOT protected.

Your W2 income has already been adjusted for the deductible portion of your moving expenses, and you likely have had a tax grossup, and the income included for non deductible expenses. Therefore, just pick up the W2 income amount on your return.

For Canada, international moving expenses are not ...

Note: The IRS code contains provisions which will exempt you from penalties if you rely on incorrect information provided by an IRS agent. Keep the exchange you had with IRS in the event of any future trouble, since it is clearly flawed, and can later be used to avoid penalties which may be imposed.

Note:

I have travelled to counrties which do not have an income tax... and you would not necessarily want to live there.

.. But let's keep in mind that no gain is realized for tax purposes anywhere until the funds are actually transfered into another currency.

Hmm..

If you were a resident of Canada for part of a year, and then departed from Canada, you will need to file a departure return in Canada in that year. On that return, you will need to declare capital gains and losses arising from "deemed dispositions" of capital property owned anywhere in the ...

You can roll a 401(k) to an IRA at any time, even while living in the U.S., without tax consequence. Moving to Canada will not change anything here.

Your return for 2007 will be an "expatriating return". This notification is given on form 1040NR, and will terminate her filing requirements with the U.S.

[quote="canuck1915"]How do I file it?[/quote]

The election is in free form, and must be signed to be effective. If married, the election is pursuant to IRC 6013(g) and must be signed by both spouses.

If single, the election is pursuant to IRC 7701, and must indicate the 30 day period after entry ...

Most Canadian brokers collect US identification data or residential informatin so that they can withhold appropriate non Canadian tax amounts for investments made in the U.S. or elsewhere, through the Canadian brokerage account.

[quote="nelsona"]If you were in US for almost entire year, then it probably makes sense to file as a full year resident of US. This would get you standard deduction. Filing any other way will not. For canada, You would file as a departing Cdn resident for January 2006.

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Note: To file as a ...