Serbinski Accounting Firms

HORRAH I found the following BandAid solution to outfox Turbo Tax

I went thought hundred of posts in the TT forum and found:

Johmat’s TT bandaid solution to outfox TT to work properly

THE BANDAID SOLUTION:
OK, I think I found a way to outfox TT without causing too much extra work.

If you just ...

Exemption From Social Security and Medicare Taxes(p11)
Exemption From Social Security and Medicare Taxes

PUBLICATION 54 page SE2 agrees with your point BUT
if I complete Schedule C Business Income and Expenses in Turbo Tax I cannot eliminate Schedule SE (short ot long version) OR the amount of ...

Nelson - You indicated if the consulting was done in Canada, there should be no self-employment tax due in US. You are paying into CPP, and live in Canada, thus SE tax does not apply to you. 2555 should take care of any income tax on that.

Yes, I have paid CPP/EI.
How does 2555 take care of ...

And.sorry.....If you move a RRSP through direct transfer to another institution (Great West *GW) RSP to TD Waterhouse RSP account,
*What is the required reporting is any.....3520....
and the 8891 which I think will be as follows
i.e.
2009 = 8891 for GW goes from starting balance of $43K to Zero ...

thanks for your help

One MUST files 8891 for RRSPs

Could not find any posts related to the question:

IRS - Is a RRSP a Foreign Trust / requiring the filing of a 3520 every year?

That's interesting - When up-sizing ...house after house (in the good old days) is is really an outright sale (potentially creating the tax exposure you mentioned at $250k Profit/500k joint Profit)) if a new, presumably larger house is being purchased?
Previously I had understood that the tax ...

I am US/Cda Dual citizen - My wife is Canadian - We file Jointly - We will not be returning to USA - Our dependent son is a USA Citizen (19)

We jointly own a house in Canada with about $350K equity and are going to downsize in 2011 to a condo for an expected price of $325K. (House is worth 530K ...

[quote="icbusiness"][quote="icbusiness"]Nelsona

Thank you for the very fast response
The consulting was performed in Africa (ZM and ZA) so I can avoid the Self Employment tax ..great... I sent the money with my 4868 extension.
The LIRA transaction was performed directly from the Pension fund to to ...

[quote="icbusiness"]Nelsona

Thank you for the very fast response
The consulting was performed in Africa (ZM and ZA) so I can avoid the Self Employment tax ..great
The LIRA transaction was performed directly from the Pension fund to to LIRA at TD Waterhouse.

How does the Tax Treaty come into play ...

Nelsona

Thank you for the very fast response
The consulting was performed in Africa (ZM and ZA) so I can avoid the Self Employment tax ..great
The LIRA transaction was performed directly from the Pension fund to to LIRA at TD Waterhouse.

How does the Tax Treaty come into play - when doing the tax ...

I am a dual US CDN citizen, & my wife is Canadian - (I have been filing 8891 with IRS). I returned to Canada in 2003 and worked here until laid-off/early retired in Jan 2009

On Aug. 1 2010 I officially retired with 3 Company pensions from what is the same corporation. (2 Cdn and One USA Pension ...

When you provide the Balancr at Dec 31 - do you convert RRSP year end balance with avg exhange rate for the year OR rate for the end of December

Thank you - Sorry I am not 100% up on fine print requirements/jargon ,,,I am learning alot in last 12 hours that to this forum

ref 8891/RRSP- I need to amend my 2005-2006 returns

Could you please illustrate what I need to "say"/include
i.e. what in the "free-form statment" differs from what I ...

Below "File Rp-02-23
ref 1040X

Is this:
an IRS "Form"
or
os the RP-22-23 the "statement" in a letter about no changes to 1040 and electing to defer the US Income tax until the beneficiary share of the income is distributed to the beneficary?

I was hoping (Actually praying) for a few yes/no respenses today as I have to file the 2006 return and Ameded returns before I leave tomorrow.

Would that be possible?

Tks