Search found 73 matches
- Tue Aug 23, 2022 12:59 am
- Forum: Canada / United States Tax & Accounting
- Topic: IRS has not processed 1040NR resulting in inability to claim foreign tax credit
- Replies: 10
- Views: 10923
Re: IRS has not processed 1040NR resulting in inability to claim foreign tax credit
I go through an accountant and #2 above is answer from rev canada from another client for same issue. Rev Canada has asked for further i formation from me and has provided a 2 month extension to get my information from the irs. According to my accountant having 1040s and "account transcript&quo...
- Thu Jun 10, 2021 5:42 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Applicatin
- Replies: 11
- Views: 15052
Re: Applicatin
I pulled the trigger on this, I do need funds for buyout. On the pension splitting there is a clause that states that we can't be separated more than 90 days in the tax year. I did also want to report here that i did speak to the irs and was told that i will need to remit the 10% penalty to them soo...
- Wed Jun 09, 2021 11:57 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Applicatin
- Replies: 11
- Views: 15052
Re: Applicatin
Nelson your valuable tip "Remember that 401(k) (not IRA) money is eligible for pension splitting (and CRA allows the tax you pay to be split as well) this may lower your tax bill and effective rates to below 40%". I am not sure what marriage states (tax wise) the relationship apply in each...
- Thu Jun 03, 2021 11:16 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Converting US funds in Canada
- Replies: 2
- Views: 4202
Converting US funds in Canada
Anyone have any advice on how to convert $300000 US to Can?
I have used my bank before but I have seen this and wonder:
https://www.knightsbridgefx.com/how-it-works/
I have used my bank before but I have seen this and wonder:
https://www.knightsbridgefx.com/how-it-works/
- Thu Jun 03, 2021 5:50 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Applicatin
- Replies: 11
- Views: 15052
Re: Applicatin
Well I used taxact 1040nr to plug in $305,000 US 401K lump sum distribution where a 30% withholding would be 91581.66, 10 % penalty should be 30527 for a total of 122108. Taxact line 16 1040NR reports 81545 not 91582 I was expecting (30 %withholding). Have I entered some of the boxes incorrectly on ...
- Tue Jun 01, 2021 11:57 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Applicatin
- Replies: 11
- Views: 15052
Re: Applicatin
As always Nelson thanks! Unfortunately the reason is after 31 years of marriage, a divorce is in the works mainly due to an external event beyond my control (not an affair) Believe me this is not my choice i still love her to pieces. We are trying to work this out on friendly terms so the pension sp...
- Tue Jun 01, 2021 10:50 am
- Forum: Canada / United States Tax & Accounting
- Topic: Applicatin
- Replies: 11
- Views: 15052
Applicatin
Canadian Citizen married US Citizen, lived and worked in the US years ago and accumulated $300,000 in 401K (Wife accumulated the same.) Moved back to Canada in years ago. I will be liquidating all assets including 401K in June 2021, W8Ben on file with mutual fund company. My understanding from readi...
- Wed Mar 10, 2021 11:18 pm
- Forum: Canada / United States Tax & Accounting
- Topic: TaxAct
- Replies: 7
- Views: 6261
TaxAct
I use Form 1116 and I am trying to heed the advice of people in this great forum to use TaxAct to do so. How are others purchasing TaxAct this year as the software when paying by credit card (I owe anyway) has a country dropdown but only for US and the US territories? How are people getting around t...
- Wed Jan 02, 2019 11:49 am
- Forum: Canada / United States Tax & Accounting
- Topic: Us military
- Replies: 0
- Views: 10115
Us military
My son has a Wells Fargo account with an IRA account and he is an officer in the US Marines. He was just deployed to Okinawa in Japan and is living on a us base, Essentially Wells Fargo is telling him he has to liquidate his brokerage account because he is out of the country because he is going to b...
- Wed Feb 17, 2016 6:41 pm
- Forum: Canada / United States Tax & Accounting
- Topic: US Citizen living in Canada close to 0 tax on stock sold?
- Replies: 3
- Views: 5525
Sorry I did not word questions correctly. For US taxes, Assuming in the US my wife is still in the 10 or 15% federal tax bracket, I would like to conform zero tax will be contributing to 1040 via Schedule D for the sale of the stock. It just seems to good to be true. Am I missing something here? For...
- Wed Feb 17, 2016 3:32 pm
- Forum: Canada / United States Tax & Accounting
- Topic: US Citizen living in Canada close to 0 tax on stock sold?
- Replies: 3
- Views: 5525
US Citizen living in Canada close to 0 tax on stock sold?
It looks like wife owes close to zero tax both in US and Canada on stock sale. Can this be correct and is she able to use deemed acquisition of the stock assets when entering Canada (fy2000)? o Stocks purchased by wife in 1997 and 1998 when she lived and worked in US (114 CPQ shares on NYSE 114) o S...
- Thu Aug 13, 2015 1:28 am
- Forum: Canada / United States Tax & Accounting
- Topic: Investing in RRSP's for nonresident US citizen
- Replies: 1
- Views: 3898
Investing in RRSP's for nonresident US citizen
my wife (U.S. citizen) may have a new job where she will be required to invest in RRSP's in Canada. We have been filing FBARs, 1040s 3520s for RESP for years now. The investments will be less than $10000 per year for about 10 years. Do I need to ensure she chooses PFIC funds. How can you tell? Will ...
- Thu Aug 13, 2015 1:19 am
- Forum: Canada / United States Tax & Accounting
- Topic: Moving Ira and other U.S. investments
- Replies: 1
- Views: 4138
Moving Ira and other U.S. investments
My non-us resident son (living in Canada) has about $20000 US invested in IRA's and a simple interest bearing account invested at Wells Fargo. He went to change the funds and Wells Fargo said no you no longer have a US address you cants change the funds. What are some companies that will accept my s...
- Sat Apr 11, 2015 12:50 pm
- Forum: Canada / United States Tax & Accounting
- Topic: resp reporting for us citizen child but parents are canadian
- Replies: 11
- Views: 12843
- Sat Apr 11, 2015 11:05 am
- Forum: Canada / United States Tax & Accounting
- Topic: 2014 Student Status on 1040 and scholarships
- Replies: 0
- Views: 4094
2014 Student Status on 1040 and scholarships
My son is a dual US and Canadian citizen living and going to an accredited University in Canada. Two questions: 1) Can he claim "Student Status" on his 1040 2) This link http://taxhelp.org/resources/student/ talks a little about International Students. Is there a way to mitigate any schola...