Search found 245 matches

by CdnAmerican
Wed Feb 28, 2024 10:18 am
Forum: Canada / United States Tax & Accounting
Topic: Change in 3520/3520-A due date?
Replies: 0
Views: 75

Change in 3520/3520-A due date?

Hello! I have filed a 3520 and 3520-A for years, and my understanding was that they were due on the 15th of the 3rd month after the end of the trust tax year (so, typically March 15). I looked at the instructions today, and they seem to have flexed these to now be due when the general tax return is ...
by CdnAmerican
Tue Jun 13, 2023 2:09 am
Forum: Canada / United States Tax & Accounting
Topic: Inheritance Cdn/US
Replies: 3
Views: 1463

Re: Inheritance Cdn/US

Thanks nelsona, that matches what I thought but appreciate the clarification from someone more knowledgeable than I am. One quick follow-up: Is a 3520-A required? (It certainly doesn't look like it, but want to make sure given the huge penalties for messing that up.)
by CdnAmerican
Mon Jun 12, 2023 7:35 pm
Forum: Canada / United States Tax & Accounting
Topic: Inheritance Cdn/US
Replies: 3
Views: 1463

Inheritance Cdn/US

My wife and I are dual Canadians/USC's, and will apparently be getting an inheritance from a family member who was a Cdn citizen but not a US citizen. 1) Is there any IRS tax implication of the inheritance? 2) Is there a threshold for filing a 3520/3520A related to an inheritance? 3) Does it matter ...
by CdnAmerican
Wed Sep 07, 2022 1:27 pm
Forum: Canada / United States Tax & Accounting
Topic: Tracking RRSP gains for IRS purposes
Replies: 2
Views: 1184

Re: Tracking RRSP gains for IRS purposes

That's really helpful, and makes good common sense. Thanks!
by CdnAmerican
Wed Sep 07, 2022 11:34 am
Forum: Canada / United States Tax & Accounting
Topic: Tracking RRSP gains for IRS purposes
Replies: 2
Views: 1184

Tracking RRSP gains for IRS purposes

Quick question about RRSP withdrawals. I am a dual US/Cdn citizen, living in Canada. I've invested into my RRSP for years, but haven't deducted the contributions from my US tax return. Let's say I have contributions of $60K, with gains of $40K, for a grand total of $100K. If I take out $10K from my ...
by CdnAmerican
Wed Mar 16, 2022 9:53 am
Forum: Canada / United States Tax & Accounting
Topic: Collecting Social Security while working in Canada
Replies: 3
Views: 1461

Re: Collecting Social Security while working in Canada

Great - thanks so much! I don't know how I had missed that before. That matches your previous guidance (nelsona) about delaying SS as long as possible for dual citizens as well.
by CdnAmerican
Sun Mar 13, 2022 5:19 pm
Forum: Canada / United States Tax & Accounting
Topic: Collecting Social Security while working in Canada
Replies: 3
Views: 1461

Collecting Social Security while working in Canada

Hello! I just came across a note I had never seen before, and wanted to see if this is accurate.

Is it true that if you start collecting your Social Security while still working in Canada, your SS is clawed back as long as you are working?
by CdnAmerican
Sun Apr 04, 2021 5:58 pm
Forum: Canada / United States Tax & Accounting
Topic: Dual citizens and Educational Savings Plans
Replies: 2
Views: 1629

Re: Dual citizens and Educational Savings Plans

Hi Dualblues - There is lots of info around on this forum. The RESP is a little tricky in Canada; you have to claim your gains on it on your US taxes, so depending on your tax situation you may or may not get a ton of benefit from it. It seems to depend on how much your overall income is, and if you...
by CdnAmerican
Sat Mar 20, 2021 12:46 pm
Forum: Canada / United States Tax & Accounting
Topic: 3520-A penalty relief help
Replies: 1
Views: 1840

Re: 3520-A penalty relief help

There's lots of info on here about that, but if Rev. Proc. 2020-17 applies (which it may, if this is an RESP) then the penalty should be abated?
by CdnAmerican
Wed Mar 10, 2021 5:07 pm
Forum: Canada / United States Tax & Accounting
Topic: IRS asking for a Form 1041 incorrectly
Replies: 9
Views: 6417

Re: IRS asking for a Form 1041 incorrectly

That's what I did - just sending in a letter indicating that there was no need to send in the 3520/3520A anymore. That might have been overkill, but it seemed to help my own anxiety. I hope that was right - but if not, they'll probably just ignore it.
by CdnAmerican
Sun Jan 24, 2021 11:05 pm
Forum: Canada / United States Tax & Accounting
Topic: Ending 3520/3520A for RESP
Replies: 4
Views: 2986

Re: Ending 3520/3520A for RESP

HI all - Just a bump for this thread, now that the proper 2020 forms have come out from the IRS. The instructions for the 3520 state that the form does not need to be filed for trusts which fall under the new regulations. For people who have been filing the 3520 for their RESP, are you filing this f...
by CdnAmerican
Sat Oct 24, 2020 5:14 pm
Forum: Canada / United States Tax & Accounting
Topic: Converting IRA into RRSP and increasing RRSP cap
Replies: 2
Views: 1651

Converting IRA into RRSP and increasing RRSP cap

I am a USC living in Canada. If I close a US IRA and withdraw the full amount from it, I understand that I can increase my RRSP cap by the amount that I withdrew, as long as I move that withdrawal into an RRSP. How, exactly, does the RRSP cap change? Do I have to make a declaration for that to happe...
by CdnAmerican
Fri Aug 28, 2020 10:59 pm
Forum: Canada / United States Tax & Accounting
Topic: Ending 3520/3520A for RESP
Replies: 4
Views: 2986

Ending 3520/3520A for RESP

Hi all - I have an RESP which I have filed the 3520/3520A for each year. With the new IRS ruling that an RESP no longer requires a 3520/3520A, how do I stop filing these? It might be as simple as not filing it this year, but the $10K penalty scares me. Should I: 1) file for one more year, and check ...
by CdnAmerican
Sat Aug 08, 2020 12:23 am
Forum: Canada / United States Tax & Accounting
Topic: IRS asking for a Form 1041 incorrectly
Replies: 9
Views: 6417

Re: IRS asking for a Form 1041 incorrectly

This would be a separate issue, but yes, my understanding is there is now no 3520/3520A for the RESP account. My only question involves how to address this; would I send in a final 3520 for next year and check the box 'final return'? Or, simply send in a letter indicating these are not trusts?
by CdnAmerican
Mon Jul 20, 2020 9:30 pm
Forum: Canada / United States Tax & Accounting
Topic: IRS asking for a Form 1041 incorrectly
Replies: 9
Views: 6417

Re: IRS asking for a Form 1041 incorrectly

Hi all - I just wanted to close the loop on this one, and give the feds some credit. Today I received a letter from the IRS stating "Our records show you no longer have to file Form(s) 1041." Easy as that. Sometimes the IRS is super intimidating, and sometimes I am pleasantly surprised tha...