Serbinski Accounting Firms

Thanks! So let's see if I have this right - for Roth IRA / Roth funds in 401(k), there is no (U.S. or Canadian) tax on distribution after 59 1/2, If there is any U.S. tax withheld, it can be recovered by filing a 1040 or 1040NR. For traditional IRA / pretax funds in 401(k), if the distribution after...

Just reviving this thread with an IRA / 401(k) related question... To recap, I am a Canadian working in the U.S. on TN. I have accumulated some pretax and some Roth funds in my 401(k). For Canadians who work in the U.S., then return to Canada and become U.S. tax non-residents, I understand that ther...

Thanks! yes, my employer offers the "after tax 401(k)" contribution option.

So, just to clarify, for the "after tax" portion, the contributions would be rolled into Roth IRA, while the growth would be rolled into traditional (i.e., tax deferred) IRA, is that correct?

[quote="nelsona"]Not sure what you are calling an "after-tax 401(K)". That is the Roth401(k) Your Roth401(k) and 401(k) come from the same maximum, so you can't max out both, you choose which you want to fund or what proportion between the 2. Your employer can help you on this. W...

[quote="nelsona"]It will be more that 15% due to the 10% early withdrawal penalty. Some brokerage withhold 15% + 10%, some withhold 30% with or without the 10%. The treaty doesn't really help you since the 15% treat guarantee is only for PERIODIC pension withdrawals, so you are at the merc...

Thanks!

For (2), the worry is that having a lot of funds in 401(k) might be taken as indicating immigrant intent,

For collapsing the 401(k), would it be 15% based on the treaty instead of 30%?

I'm a Canadian working in the U.S. I was previously on TN status from 2011 to 2013 and left to work in a third country outside North America. This year (2016) I returned to start another TN term from 2016 to 2019. I am also weighing whether to switch over to H-1B in 2017 or 2018 so that the GC route...

Similar situation here -

To keep these unused credits for the future (in case I return to Canada), do I need to keep filing Canadian returns and Schedule 11 every year as a non-resident?

IRS Publication 519 (p. 31) says that nonresident aliens "generally" cannot claim the education credits (American Opportunity and lifetime learning). In view of this, can a single Canadian, a non-resident alien for tax purposes in the U.S., file a 1040 under Article XXV and claim the educa...

I have a quick question regarding unused tuition, education and textbook amounts. I am a Canadian citizen and I have unused tuition amounts rolled over from past years as well as additional amounts I can claim for early 2011. In September 2011, I started a new job in the US on TN status and since th...