Serbinski Accounting Firms

My wife (USC, PR of Canada) has been filing every year and getting a refund for the additional child tax credit (we file form 1116) for our to two US/CAN citizen kids.
She still maintains a bank account in the US but we always have the refund cheque’s mailed to our home here in Canada.
We haven’t ...

makes sense thanks!

I'm guessing an 8833 is not required to explain treaty provision?

Thanks nelsona, I forgot about the resourced by treaty 1116 as it applies to US sourced interest.

So basically, the tax credit will only be for the amount of that the IRS would tax her on that specific amount of interest.
Essentially, $6 from the 1040 tax table....with no carry forward amounts ...

Sorry meant to say "we filed her 2017 IRS return and post marked it for mailing on October 14, 2018"

I have a question about a 1099-INT form that arrived in the mail today...this is for interest in the amount of $58.47USD paid to my wife by the IRS.

My wife is a U.S Citizen and PR of Canada. She lives and works in Canada.

We filed her 2018 IRS return and post marked it for mailing on October 14 ...

I'd like to chime in if I may....I'm a pilot for AC and a number of my colleague are US resident and commute to their base in Canada to start their pairings.

In the past CRA taxed you only on the portion of the flight in Canadian airspace. So it was beneficial to depart Canada and head south ...

With the CCB being non taxable in Canada (no RC62 issued) vs the previous UCCB being taxable, the CCB is not reported to the IRS either.
I'm pretty sure that is what nelsona is referring to when he says it is treated the same in the USA as it is treated in Canada.

Normally the uccb went on line 21 ...

My understanding is that the new fbar deadline coincides with the tax return deadline...
So if you are resident in the US then it's April 18.

If you are out of country or non US resident (living in Canada) then your return due date is June 15, which also applies to fbar.

If you apply for extension ...

Ahh yes, thank you nelsona. The cpp confused me...I was thinking of the scenario (my wife's) where we use two form 1116's, one for passive income (interest) and one for gen limit income (se, employment etc).

Thanks for clarifying that.

jakeaa, instructions for se tax state that you can write ...

I use TaxAct for mine as well, just a quick question regarding line 3d and 3e though.

From the instructions for 1116 line 3d says to show all foreign source gross income you checked in part 1 of the form, so in the op's case it would be 65k for line 3d (se income 50k + emp income 15k).

Line 3e ...

If an RRSP has been incorrectly listed as "other" when it should have been listed as "securities", going forward to next years FBAR filing would it be ok to simply change it to the correct category of securities? Would you need to go back and file amended FBAR reports to correct the previous few ...

Thanks nelsona, good to know it raises no issues switching status year to year.

I believe we started using HoH when our first child was born 7 years ago...I think we did this because of the higher standard deduction and also the threshold was higher for the child tax credit. Plus her income more ...

I was just wondering if you can switch filing status from one year to the next?

Example: filing as head of household for a number of years and then switching to mfs for a subsequent year...

My wife (USC, PR of Canada) has been filing as HoH, however, for 2015 can she file as mfs because her income ...

Hi nelsona,
You are right, I looked at the form again and there is a whole list of items with excise tax. I also did a search on this forum and there doesn't seem to be a whole lot of information about f720...one of those lesser known forms I gather.

From what I could see in the treaty, there doesn ...

First I've heard of this form but as an individual I don't think you have to file it. Correct me if I'm wrong though.

From a quick search though, it appears that if you are a business, manufacturer or airline or retailer that deals in goods for which excise taxes are due then you are required to ...