Serbinski Accounting Firms

That makes good sense. Thanks.

Thanks, that confirms what I always understood to be the case. I'm curious that you said, "Some plans MAY need to be included in the foreign asset report". Under what circumstances might an IRA need to reported on the T1135? I recall looking into this several years ago and determined that ...

I always understood that a Canadian (non-USC) could keep their American rollover/traditional IRA once they move back to Canada and defer any Canadian tax until they took distributions. My understanding was that this deferral was automatic; however, I recently read an article that says that an electi...

Just thought of another potential advantage of deferring. A) We know that deferring from 65 to 70 increases the OAS payout by 36%. B) We also know that deferring can increase years of residency to the max 40 years. In my example I would go from 38 to 40 years and increase payout by 5%. Given A and B...

I wish I was only 38 years old! Sadly what I meant was that I will only have 38 years of residency by age 65. :)

[quote="nelsona"]Also, the 40 years can be amassed anytime after 18, not simply before age 65.[/quote] So if you are only at 38 years when you hit age 65, you can simply wait 2 years and qualify for a full OAS at at 67? That seems like a good strategy instead of collecting partial OAS at a...

"And *some* of the income form IRA retirement accounts related to work done in US as well." Presumably the funds in Rollover IRAs (transferred into IRA from 401k plans) could 100% qualify as effectively connected income (assuming you wanted to bother filing). On a related topic, another si...

Nelsona - Perhaps I misinterpreted your statement "Again you have the choice of page 1 or NEC for that income" In actuality, you only have a choice regarding IRA distributions. If you are in a low income early retirement situation and need to bring the effective US rate down to avoid doubl...

The more I think about it, it would not make sense to leave dividend income off the 1040nr. As a matter of fact, it seems to me that both IRA withdrawals and US sourced dividends should both be included as effectively connected income on page 1 (given that there is a choice). Since we are talking ab...

This is interesting, as I did not realize that you could use the 1040NR to reduce the early IRA withdrawal tax below the flat 25% rate (15% tax + 10% penalty). For relatively low early retirement incomes, there is a risk that withdrawals from an IRA would have the flat 25% withheld, but the average ...

Nelsona & ExPenn - This discussion has been extremely helpful. I'm still a bit confused by the SSA's math and baffled by their inability to create a useful calculator but, nevertheless, I think I have a much better understanding of WEP and potential impact on retirement income. Thank you.

ExPenn - Thanks for running those numbers. I think we have arrived at the same conclusion. The WEP calculator only provides sensible results when you retire at your scheduled retirement age (66 in your wife's case, 67 in mine). The only troubling part about this is that just because the WEP calculat...

So if you take CPP as early as possible (60) and SS as late as possible (70), the advantage is that you would have 10 years of collecting CPP without any WEP. Right? Of course CPP would be a reduced payment due to early retirement. Then at age 70, you would receive a higher SS (due to late retiremen...

Nelsona said: "I think you'll have to wait to see the actual numbers, and how much lawyers will charge for a possible losing battle. makes taking CPP earlier make more sense, though, since CPP will be 'reduced' more by WEP than by taking it early." So in a situation for someone who accepts...

"Looks like we already had this discussion patti, and I gave you the right answer there. No ned to quote tax code when we already have a thread that explains it. This is going to become the stump nelson forum, is it?" No attempt to stump Nelsona!!! Based on your comment from May 5, 2014 (&...