Serbinski Accounting Firms

Thanks nelson. Yes, the total is less than 3300. But in 2007, Fidelity will withhold tax on short-term capital gain distributions, dividends, and interest on the mutual fund I bought. You mentioned: [quote]The cap gains exclusion would be more correctly mentionned in 'M' as NOT effectively connected...

Hi Nelson, Just a few more detailed questions on 1040-NR. On 1040-NR form, I put: (1) Qualified Div, 1b of 1099-DIV, to Line 10b. (2) Ordinary Div, 1a of 1099-DIV, to Line 10a. (3) Interest, 1099-INT, to Line 9a. My questions: (1) As you mentioned, capital gain should not be taxed in States since I ...

Thanks nelsona! You are always so helpful!

Hi, I returned in Canada in 2005 and stayed in Canada for 2006. I still have Fidelity investment account where I bought mutual funds. In 2006, there are: (a) Ordinary dividends. (b) Qualified dividends. (c) Capital gain distributions. (d) Interest income. Here are my questions: (1) For 2006, there i...

Have a good rest nelsona and thank you for all the insights and advices. [:)]

Thanks nelsona! Based on pub 54, as a H1B holder, I'll be qualified for foreign income exclusion as a resident alien in a Country with trade treaty. To be regarded as resident alien, two tests in pub 519: (1) greencard test (2) general presence test: I can pass the general presence test for 2005, bu...

A couple of things to clarify: <blockquote id="quote"><font size="1" face="Verdana, Arial, Helvetica" id="quote">quote:<hr height="1" noshade id="quote">3. For Cdn taxes, you would include the entire IRA amount (tax included) as income, ded...

Thanks a lot nelsona! From the advices you gave in this topic and other topics, most likely I'll transfer my 401K to an IRA rollover (from another post, it's mentioned Fidelity allows foreign addresses, I'll double check). In future, when the exchange rate is better and my Cdn income is more than 50...

Sorry, forgot the the 3rd way (c) to file 2005 US-tax using 1040 with salary $25K, with standard deduction (excluding Cdn-income) => 25K - 8K(standard deduction + 1 exemption) = 17 K taxable income => 2.2K US-tax then to collapse 401k in 2006, using 1040NR without standard deduction => 30K - 3K (1 e...

Thanks Nelson! That helps. Just would like to make sure I understand what you said: In (1), you mentioned "possibly excluding Cdn wages earned in 2005", how to verify this exclusion is valid? Combining (1) and (5), if I intend to collapse 401k, there seem to be three ways (All in USD): (a)...

Finally here is the place to post the message, hope to get answers this time. I'm a Canadian citizen. I'm planning to go back to Canada at the end of April this year (2005) after working here for two years on a H1B. There'll be no overlapping income from US and Canada for the year. Here are the ques...