Search found 75 matches

by Diskdoctor
Fri Apr 07, 2023 4:24 pm
Forum: Canada / United States Tax & Accounting
Topic: reporting TFSA interest in 1040
Replies: 6
Views: 1818

Re: reporting TFSA interest in 1040

There are multiple threads on TFSAs in this forum. It's worth taking a read through some of them.

Many of us file the forms 3520/3520A as if a TFSA were a trust.

Some have made the argument it is not a trust by American tax law and therefore those forms are not required.
by Diskdoctor
Sun Jan 16, 2022 11:58 am
Forum: Canada / United States Tax & Accounting
Topic: IRS threatening fine letter for TFSA 3520 error
Replies: 9
Views: 4216

Re: IRS threatening fine letter for TFSA 3520 error

echo wrote: > To line 3 I chose "no" to "US agent" but > crossed part I line 15-18 as "N/A", which is totally incorrect, > because the instruction says if answer to line 3 is "no" I'm > required to fill out part I line 15-18. I was just looking at this. Previo...
by Diskdoctor
Tue Apr 16, 2019 9:26 pm
Forum: Canada / United States Tax & Accounting
Topic: US Citizen / Can Resident with US source income
Replies: 7
Views: 3629

Re: US Citizen / Can Resident with US source income

What is your interpretation of this income? It's on a 1099-R so it's clear where it gets reported for US income tax. From my reading of the treaty this is not a pension. It is also not an annuity since it is a one time distribution and "not a periodic payment" (Article XIII-4a). Therefore ...
by Diskdoctor
Mon Apr 15, 2019 10:40 pm
Forum: Canada / United States Tax & Accounting
Topic: US Citizen / Can Resident with US source income
Replies: 7
Views: 3629

Re: US Citizen / Can Resident with US source income

Thanks for the help on that. 'guess I'll be learning how to do the foreign tax credit from the Canadian side.
by Diskdoctor
Fri Apr 12, 2019 12:52 pm
Forum: Canada / United States Tax & Accounting
Topic: US Citizen / Can Resident with US source income
Replies: 7
Views: 3629

Re: US Citizen / Can Resident with US source income

After some further research this might be simplest if the income can be resourced by treaty and included in a 1116. Is there a reference somewhere to what types of income are eligible to be resourced?
by Diskdoctor
Fri Apr 12, 2019 12:09 pm
Forum: Canada / United States Tax & Accounting
Topic: US Citizen / Can Resident with US source income
Replies: 7
Views: 3629

US Citizen / Can Resident with US source income

I'm working on income taxes for my retired father-in-law who is a US citizen but Canadian resident. In 2018 he cashed in a life insurance policy held in the US so he received a 1099-R which indicated the distribution amount and the taxable portion. I assume the taxable portion from the 1099-R is als...
by Diskdoctor
Thu Apr 11, 2019 3:40 pm
Forum: Canada / United States Tax & Accounting
Topic: is OAS clawback tax?
Replies: 4
Views: 2597

Re: is OAS clawback tax?

Yeah, even with the splitting. He's been pulling some additional money out of the retirement funds the last couple of years.
by Diskdoctor
Thu Apr 11, 2019 2:25 pm
Forum: Canada / United States Tax & Accounting
Topic: is OAS clawback tax?
Replies: 4
Views: 2597

Re: is OAS clawback tax?

Thanks for the confirmation! The 'need' for the foreign tax credit is due to income splitting. He splits pension income with his wife for Canadian taxes. She is not a US citizen so doesn't file US taxes. His full pension amount is taxable in the US so he needs as much foreign tax credit from the 111...
by Diskdoctor
Wed Apr 10, 2019 8:50 pm
Forum: Canada / United States Tax & Accounting
Topic: is OAS clawback tax?
Replies: 4
Views: 2597

is OAS clawback tax?

Just going over my father-in-law's taxes and would like to confirm I am treating this amount properly. Is the social benefits repayment (i.e. OAS clawback; T1 lines 235/422) a tax? I want to make sure that including it as foreign tax when completing U.S. form 1116 is correct. At first glance I wasn'...
by Diskdoctor
Mon Jan 28, 2019 11:17 am
Forum: Canada / United States Tax & Accounting
Topic: Reporting requirements for defined contribution RPP
Replies: 2
Views: 1953

Re: Reporting requirements for defined contribution RPP

OK, thanks nelsona for the feedback!

She'll have to file some amended FBARs.

When I get to doing her taxes I'll have to review how I've handled the pension contributions (hers and employers) in the past.
by Diskdoctor
Sat Jan 26, 2019 1:03 pm
Forum: Canada / United States Tax & Accounting
Topic: Reporting requirements for defined contribution RPP
Replies: 2
Views: 1953

Reporting requirements for defined contribution RPP

Through her employment (in Canada) my wife is part of her employer's defined contribution registered pension plan. The employer matches employee contributions 1:1. She has some control over the investments as she can choose between a few different options and she knows the current value of the accou...
by Diskdoctor
Sat Mar 31, 2018 8:18 pm
Forum: Canada / United States Tax & Accounting
Topic: RESP Reporting in 3520
Replies: 5
Views: 3804

In 3520A part III (balance sheet) after withdrawing everything I just reported it all as zero. This may not be correct. I guess if you weren't withdrawing everything it would have to go somewhere. I would probably use line 19. If you attach an explanation you should have it covered. This is only a s...
by Diskdoctor
Sat Mar 31, 2018 11:54 am
Forum: Canada / United States Tax & Accounting
Topic: RESP Reporting in 3520
Replies: 5
Views: 3804

I would report it as a distribution from the one and a contribution to the other. Have you taken a look at this thread? It has a lot of discussion on the details of filling out these forms: https://forums.serbinski.com/viewtopic.php?t=4187&postdays=0&postorder=asc&highlight=3520&star...
by Diskdoctor
Sat Jun 04, 2016 1:16 pm
Forum: Canada / United States Tax & Accounting
Topic: Claim all Canadian income tax as FTC?
Replies: 14
Views: 7022

Thanks. I appreciate your responses.
by Diskdoctor
Sat Jun 04, 2016 10:52 am
Forum: Canada / United States Tax & Accounting
Topic: Claim all Canadian income tax as FTC?
Replies: 14
Views: 7022

sorry, the amount from 2) is entered on 1116 line 8