Search found 25 matches
- Wed Apr 20, 2022 10:52 pm
- Forum: Canada / United States Tax & Accounting
- Topic: IRS threatening fine letter for TFSA 3520 error
- Replies: 9
- Views: 4739
Re: IRS threatening fine letter for TFSA 3520 error
That's a very good point! I didn't have any reportable event in 2020. Didn't add money to the trust, still alive:) I went to read the instruction for form 3520. On page 8 it says "Lines 15 through 18. If you checked “No” on line 3, acknowledging that the foreign trust did not appoint a U.S. age...
- Fri Mar 11, 2022 7:21 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Form 3520A trust owner statement line 7
- Replies: 0
- Views: 65817
Form 3520A trust owner statement line 7
Line 7 of 3520A page 3 Foregign Grantor Trust Owner Statement says "attach an explanation of the facts and law (including the section of the Internal Revenue Code) that establishes that the foreign trust is treated for US tax principles as owned by the US person". I can't find any info for...
- Wed Dec 22, 2021 4:50 pm
- Forum: Canada / United States Tax & Accounting
- Topic: IRS threatening fine letter for TFSA 3520 error
- Replies: 9
- Views: 4739
Re: IRS threatening fine letter for TFSA 3520 error
On "AUTHORIZATION OF AGENT" I guess I will sign at both "signature of trustee (or other authorized person" and "signature of agent". I will also need to update 3520a because I also answered "no" to "US agent" on 3520a. Extremely helpful, thank you cq...
- Mon Dec 20, 2021 3:53 pm
- Forum: Canada / United States Tax & Accounting
- Topic: IRS threatening fine letter for TFSA 3520 error
- Replies: 9
- Views: 4739
Re: IRS threatening fine letter for TFSA 3520 error
Thank you cqhg for giving such detailed instruction! Greatly appreciated! I took a look at the "AUTHORIZATION OF AGENT" form. I'm not sure if TD and Tangerine are willing to sign these forms as trustee? They just confirmed again to me my accounts are only personal deposit savings accounts,...
- Sat Dec 18, 2021 8:31 pm
- Forum: Canada / United States Tax & Accounting
- Topic: IRS threatening fine letter for TFSA 3520 error
- Replies: 9
- Views: 4739
Re: IRS threatening fine letter for TFSA 3520 error
Can somebody provide some input? I followed the post by hapless years ago to do the forms. I know some has chosen "yes" to line 3 and listed themselves as "US" agent. But for years I have chosen "no" to "US agent" question, was wondering if I change my answer ...
- Sat Dec 18, 2021 2:11 pm
- Forum: Canada / United States Tax & Accounting
- Topic: IRS threatening fine letter for TFSA 3520 error
- Replies: 9
- Views: 4739
IRS threatening fine letter for TFSA 3520 error
Hello everyone, I just received a letter from IRS pointing out a TFSA 3520 filing error for year 2020. To line 3 I chose "no" to "US agent" but crossed part I line 15-18 as "N/A", which is totally incorrect, because the instruction says if answer to line 3 is "no&q...
- Tue Apr 21, 2015 12:16 am
- Forum: Canada / United States Tax & Accounting
- Topic: over contribution of IRA
- Replies: 6
- Views: 4653
- Fri Apr 17, 2015 4:44 pm
- Forum: Canada / United States Tax & Accounting
- Topic: over contribution of IRA
- Replies: 6
- Views: 4653
- Fri Apr 17, 2015 4:06 pm
- Forum: Canada / United States Tax & Accounting
- Topic: over contribution of IRA
- Replies: 6
- Views: 4653
[quote="nelsona"]www.irs.gov
Not a cross border issue.[/quote]
Only cross border issues can be discussed here?
Not a cross border issue.[/quote]
Only cross border issues can be discussed here?
- Fri Apr 17, 2015 3:30 pm
- Forum: Canada / United States Tax & Accounting
- Topic: over contribution of IRA
- Replies: 6
- Views: 4653
over contribution of IRA
Hello I just realized I made over contribution to IRA by $10. The account was just funded on Apr 14. Called the bank and was told to do a distribution form. I was hoping to just change the contribution form and reduce the contribution by $10. Other than filing 1040x, what else do I need to do for th...
- Mon Apr 13, 2015 9:54 am
- Forum: Canada / United States Tax & Accounting
- Topic: 3520a filing deadline
- Replies: 9
- Views: 8256
- Mon Apr 13, 2015 1:32 am
- Forum: Canada / United States Tax & Accounting
- Topic: 3520a filing deadline
- Replies: 9
- Views: 8256
3520a filing deadline
I have TFSA accounts with TD and ING Canada. They are not filing 3520a for me. Just noticed 3520a deadline is Mar 15! I obviously have missed it and did not file an extension request. If I am filing 3520a myself, is the deadline Apr 15?
Thanks!
Thanks!
- Thu Jun 19, 2014 4:25 pm
- Forum: Canada / United States Tax & Accounting
- Topic: FBAR filing jointly or separately
- Replies: 6
- Views: 3989
- Thu Jun 19, 2014 3:28 pm
- Forum: Canada / United States Tax & Accounting
- Topic: FBAR filing jointly or separately
- Replies: 6
- Views: 3989
FBAR filing jointly or separately
My spouse and me filed 2013 return jointly. He has already filed his FBAR online for his own foreign accounts. We don't have joint foreign accounts. Should I just file my own FBAR online or we are required to file FBAR jointly as well because we filed return jointly?
Thanks.
Thanks.
- Tue Apr 22, 2014 12:15 pm
- Forum: Canada / United States Tax & Accounting
- Topic: DAeparture date from Canada?
- Replies: 18
- Views: 9324