Search found 245 matches
- Wed Feb 28, 2024 10:18 am
- Forum: Canada / United States Tax & Accounting
- Topic: Change in 3520/3520-A due date?
- Replies: 0
- Views: 778
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 ...
- Tue Jun 13, 2023 2:09 am
- Forum: Canada / United States Tax & Accounting
- Topic: Inheritance Cdn/US
- Replies: 3
- Views: 1710
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.)
- Mon Jun 12, 2023 7:35 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Inheritance Cdn/US
- Replies: 3
- Views: 1710
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 ...
- Wed Sep 07, 2022 1:27 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Tracking RRSP gains for IRS purposes
- Replies: 2
- Views: 1354
Re: Tracking RRSP gains for IRS purposes
That's really helpful, and makes good common sense. Thanks!
- Wed Sep 07, 2022 11:34 am
- Forum: Canada / United States Tax & Accounting
- Topic: Tracking RRSP gains for IRS purposes
- Replies: 2
- Views: 1354
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 ...
- Wed Mar 16, 2022 9:53 am
- Forum: Canada / United States Tax & Accounting
- Topic: Collecting Social Security while working in Canada
- Replies: 3
- Views: 1663
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.
- Sun Mar 13, 2022 5:19 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Collecting Social Security while working in Canada
- Replies: 3
- Views: 1663
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?
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?
- Sun Apr 04, 2021 5:58 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Dual citizens and Educational Savings Plans
- Replies: 2
- Views: 1758
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...
- Sat Mar 20, 2021 12:46 pm
- Forum: Canada / United States Tax & Accounting
- Topic: 3520-A penalty relief help
- Replies: 1
- Views: 1970
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?
- Wed Mar 10, 2021 5:07 pm
- Forum: Canada / United States Tax & Accounting
- Topic: IRS asking for a Form 1041 incorrectly
- Replies: 9
- Views: 7003
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.
- Sun Jan 24, 2021 11:05 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Ending 3520/3520A for RESP
- Replies: 4
- Views: 3286
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...
- 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: 1789
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...
- Fri Aug 28, 2020 10:59 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Ending 3520/3520A for RESP
- Replies: 4
- Views: 3286
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 ...
- Sat Aug 08, 2020 12:23 am
- Forum: Canada / United States Tax & Accounting
- Topic: IRS asking for a Form 1041 incorrectly
- Replies: 9
- Views: 7003
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?
- Mon Jul 20, 2020 9:30 pm
- Forum: Canada / United States Tax & Accounting
- Topic: IRS asking for a Form 1041 incorrectly
- Replies: 9
- Views: 7003
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...