Serbinski Accounting Firms

Rely on your software.

By split 401(k), I mean, split any income you take from it, just to be clear.

Not much strategy here. Since you are no longer living in US, you should not convert this to a Roth. You could consider delaying OAS to 70, and use the intervening years to take out more than your would later, as you won't be subject to clawback of OAS until 70. If married, 401(k) funds (but not IRA...

Once the law is signed AND the regulations have been made clear for the SSA to apply, yes, this will be the case.

Wait a couple of weeks.

The regulation for reporting Roths was released in September 2010, and was well-publicized here, long before you returned.

Your CPA got it wrong because he is unaware of cross-border rules. He is merely a CPA.

No. The CRA is quite clear that IRA income is NOT splitable. https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/pension-income-splitting/eligible-pension-income.html Your accountant is simply wrong. As to your comments about Roth conversions while at or nearing the age to take S...

No, your IRA withdrawal will be ADDED to your other income, pushing you into a higher tax bracket. So, in the first case you would be taxed as if you made $150K for the year (plus $10K of penalty). In the second instance, you will pay US tax on $200K (plus $10K penalty), reduced by the CDn tax you p...

Indeed, my spouse will be relying on getting the 50% spousal rather than her own (which would have to rely on totalization in any event), which will now be bumped up too. There has been so many attempts to kill WEP (even HR82 had been proposed 4 years ago) that it almost seems to good to be true. WE...

But, yes, if you quit your job, and take out an amount from your IRA that keeps your total income under the threshold BEFORE leaving for Canada, and you make no other money for that year in Canada (because you would still have to file a full year 1040 to get the joint tax rate) it will be taxed at t...

Where will you be living when you withdraw this money? If you are living in Canada, your US taxrate will not matter, as you will be paying more than that in Canada. Withdrawing these funds now, at your age, defeats the purpose of having set the money aside in the first place: to withdraw it when you...

I said you can't BACKdate the tool, which is what someone who has already claimed SS would need, in order to determine what their WEP WAS (if they don't have their report on how their initial benefit WAS calculated. As to the 11 or 12, look at your COLA adjustment. It is effective for year 2025, and...

The bill was "presented" to the president on Dec 27
https://www.congress.gov/bill/118th-con ... 82/actions
Congress adjourns Jan 3 (for the new session to then begin on that date). If bill is not signed by that morning , it dies.

The statements one downloaded from SSA BEFORE taking your benefit gives this value. The problem with the calculator is that it is current, not historical, so can't backtrack when you took your benefit. For those that have taken their benefit, they should have received the WEP breakdown when their mo...

I'm in the same boat. When she applied, she should have been given a "raw" SS value, and then the WEP-corrected amount. She should receive 12 times that difference (mine was $92), adjusted for the 2023 COLA factor, plus roughly the same amount for every month in 2025 it takes to implement ...