Serbinski Accounting Firms

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...

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...

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...

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,...

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 ...

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...

Can somebody help? If i carry over $10 to next year's contribution, should I fill out form 5329 or even form 8606?

Thanks!

[quote="nelsona"]Your bank should not have let you do this. Most online brokerages put the limits automatically. You could ask them to make the 10$ a contibution towards your 2015 IRA limit, which the bank should have doen automatically. Get a new IRA manager.[/quote] My bank can not do th...

[quote="nelsona"]www.irs.gov
Not a cross border issue.[/quote]

Only cross border issues can be discussed here?

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...

[quote="mikec2"]I believe i read elsewhere in this forum that Mar 15 is the deadline for the financial institution to file 3520A. That said since your banks are in Canada they will not do so. The alternative is for you to produce the form yourself as best you can. In this case where you ar...

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 rlb.

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.

I guess I don't need to file PFIC then. I will file 3520/3520a one more time for 2014 tax year then I'm good. I'm not sure I even should file 3520 for my TFSA because it's just a savings account with ING, but I did for 2013 just to be safe.

Again thanks for your help!