Search found 29 matches

by graubart
Sun Mar 24, 2019 10:13 am
Forum: Canada / United States Tax & Accounting
Topic: Unused Foreign Tax Paid Form 1116 Line 10
Replies: 3
Views: 2017

Re: Unused Foreign Tax Paid Form 1116 Line 10

I can't point to a source but my understanding is that the IRS doesn't want to see your carryover unless and until you want to use it.

I keep track of it in a spreadsheet in case I ever need to use it. If you ever need it you could then follow your accountant's advice.
by graubart
Wed Apr 23, 2014 8:26 pm
Forum: Canada / United States Tax & Accounting
Topic: Taxation of Income from Joint Accounts: U.S. vs. Canada
Replies: 13
Views: 8826

If the IRS defers to the rules of the state where you live then they should accept the CRA rule.
by graubart
Sun Mar 09, 2014 12:15 pm
Forum: Canada / United States Tax & Accounting
Topic: U.S. agent and Trustee's Signature for RESP
Replies: 6
Views: 5224

I was told by a lawyer that you are ALWAYS entitled to represent yourself in any type of legal process. So I don't think the Authorization of Agent is necessary to appoint yourself as your U.S. Agent. The one and only time I filed a 3520 (before I closed my TFSA), I did appoint myself without the Au...
by graubart
Mon Feb 17, 2014 8:52 pm
Forum: Canada / United States Tax & Accounting
Topic: fbar and 8938 penalties - per account or per complete form?
Replies: 5
Views: 4566

Streamlined isn't available to US residents.
by graubart
Thu Apr 25, 2013 5:53 pm
Forum: Canada / United States Tax & Accounting
Topic: Other 1040/NR obstacles
Replies: 10
Views: 5522

In my limited experience, the IRS doesn't distinguish between a blank entry and zero.

But if you haven't filled yet, there's no reason not to enter a zero if you want.
by graubart
Sat Apr 20, 2013 2:32 pm
Forum: Canada / United States Tax & Accounting
Topic: Simplified election for AMT
Replies: 2
Views: 5339

IRS has a tool to determine whether you should file form 6251: http://apps.irs.gov/app/amt2012/assistant/process?execution=e3s1 Others have reported on this site not filing 6251 because they didn't owe AMT. But their not owing AMT was after the AMT FTC was taken into account. The IRS was then kind e...
by graubart
Thu Apr 18, 2013 9:56 am
Forum: Canada / United States Tax & Accounting
Topic: Unused FTC credits from 2011 and form 1116
Replies: 8
Views: 5227

I back filed 2005 to 2010 at the end of 2011. I filed 2011 timely.

For my 2012 return I would like to include FTC carryover for the first time.

Should my worksheet contain 2012 carryover only or can I include one or more previous years?
by graubart
Wed Dec 05, 2012 11:57 am
Forum: Canada / United States Tax & Accounting
Topic: AMT 1116 Software
Replies: 2
Views: 2098

I used US Turbotax Basic to do my 2011 AMT-1116.

AMT doesn't use the remainder of your Foreign Tax Credit, it is a separate AMT FTC calculation.
by graubart
Mon Oct 29, 2012 5:24 pm
Forum: Canada / United States Tax & Accounting
Topic: Reasonable cause for amending FBAR
Replies: 6
Views: 4124

Some of the reasons listed here on the IRS website may apply to you:

http://www.irs.gov/uac/Information-for- ... de-the-U.S.
by graubart
Tue Oct 09, 2012 5:55 pm
Forum: Canada / United States Tax & Accounting
Topic: Unintentional Under report on form 8938
Replies: 12
Views: 6678

Are you saying that the value of a defined benefit pension plan is the estimated yearly pension you would receive if you retired on Dec 31?
by graubart
Tue Oct 09, 2012 3:33 pm
Forum: Canada / United States Tax & Accounting
Topic: Unintentional Under report on form 8938
Replies: 12
Views: 6678

In the normal course of events, you are not expected to cash out your defined benefit pension until you retire. Before then, you cannot sell it so I don't think it has a "market value". Future value and even present value calculations probably aren't relevant. So I think you can continue t...
by graubart
Fri Aug 24, 2012 7:18 am
Forum: Canada / United States Tax & Accounting
Topic: Penalty on late 3520 assessed inaccurately despite OK reason
Replies: 11
Views: 13867

I have the letter in front of me that requests a reply to Odgen. I sent the reply where requested to by the IRS - Ogden. Mine was filed timely though and was just a request for additional information. I guess that is the difference.
by graubart
Thu Aug 23, 2012 12:33 pm
Forum: Canada / United States Tax & Accounting
Topic: Penalty on late 3520 assessed inaccurately despite OK reason
Replies: 11
Views: 13867

The 3520/3520A are sent to Odgen, UT which is where I sent mine.

I received a request for additional information back from them telling me to send the reply to Ogden as well.

This is where they asked me to mail my reply:

Department of the Treasury
Internal Revenue Service
Ogden, UT 84201-0034
by graubart
Sun May 27, 2012 12:34 pm
Forum: Canada / United States Tax & Accounting
Topic: 8938 part 1 or 2?
Replies: 14
Views: 7682

Thanks to Filo for referencing this URL in another thread. http://www.groom.com/media/publication/1120_FBAR_Article_Final_Website.pdf If the taxpayer received no distributions during the tax year and does not know or have reason to know (based on readily accessible information) the fair market value...
by graubart
Sun May 27, 2012 11:22 am
Forum: Canada / United States Tax & Accounting
Topic: TD F 90-22.1 for Defined Benefit Pension Plan after retire?
Replies: 3
Views: 3243

I can't point to a reference but I don't see why FBAR requirements would change after you retire. Your pension enters your income stream and is reported that way. As far as value goes, the Form 8938 instructions (which are thought to be more stringent than FBAR) is clear: The value is what the plan ...