Serbinski Accounting Firms

Hi Due to the first time home buyer credit, my US tax liability reduces $8000, therefore it increases my Canada tax payable. In my 1040 form line 73 I have a $6000 overpaid. If I put $4000 into line 75 as 2011 estimated tax. will that help to increase foreign tax credit by $4000 in my Canadian tax r...

my mistake. should be (line 44 - line 70)/line 43.

nelsona, would you please confim if I get this right?

WOW!
then my effective tax rate will be line 71/line 43, or my total payment/Taxable income. correct?

nelsona in your previous post you said TNers can file 1)1040NR 2)1040 with world income 3)"effective rate" or so called 1040 pro forma My situation is, both my husband and I work in MI and both have valid SS#. We don't have any canada income except some bank interest. my income is a little...

Question about Form 8833. Thanks a lot. which option should I check on form 8833? 1)The taxpayer is disclosing a treaty-based return position as required by section 6114 2) The taxpayer is a dual-resident taxpayer and is disclosing a treaty-based return position as required by Regulations section 30...

Forget to mention, All our income is from US wage and bank interests from Canada. so no foreigh tax credit issue.

so the rate will be: line 56/line 43, correct?

Back to itemized deduction, there is no form 1098 to report mortgage interest in Canada. Suppose I can get the amount from the bank in Canada and I just list that number in schedule A.

nelsona, in this post http://forums.serbinski.com/viewtopic.php?t=1597 you mentioned that people should be able to claim child tax credit by the non-discrimination clause of the treaty. If I use the 'pro forma' way, can I calim the child tax credit in 1040NR? Since I cannot claim it in the Fake 1040...

Thanks for the quich response, nelsona.

I picked standard deduction on "fake 1040" and itemized deduction on 1040NR. is this ok?

Hi. Both my husband and I are Canadian Citizens working at US. I will choose Pro Forma 1040 for XXV(4) calculation method to file my 2008 tax return. One question is how to calculate effective tax rate. Is it 1) tax (line 44 on 1040)/Adjusted Gross Income (line 37) OR 2) tax (line 44 on 1040)/Taxabl...