Search found 72 matches

by DonMurphyCanada
Thu Jun 10, 2021 5:42 pm
Forum: Canada / United States Tax & Accounting
Topic: Applicatin
Replies: 11
Views: 510

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...
by DonMurphyCanada
Wed Jun 09, 2021 11:57 pm
Forum: Canada / United States Tax & Accounting
Topic: Applicatin
Replies: 11
Views: 510

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...
by DonMurphyCanada
Thu Jun 03, 2021 11:16 pm
Forum: Canada / United States Tax & Accounting
Topic: Converting US funds in Canada
Replies: 2
Views: 212

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/
by DonMurphyCanada
Thu Jun 03, 2021 5:50 pm
Forum: Canada / United States Tax & Accounting
Topic: Applicatin
Replies: 11
Views: 510

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 ...
by DonMurphyCanada
Tue Jun 01, 2021 11:57 pm
Forum: Canada / United States Tax & Accounting
Topic: Applicatin
Replies: 11
Views: 510

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...
by DonMurphyCanada
Tue Jun 01, 2021 10:50 am
Forum: Canada / United States Tax & Accounting
Topic: Applicatin
Replies: 11
Views: 510

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...
by DonMurphyCanada
Wed Mar 10, 2021 11:18 pm
Forum: Canada / United States Tax & Accounting
Topic: TaxAct
Replies: 7
Views: 554

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...
by DonMurphyCanada
Wed Jan 02, 2019 11:49 am
Forum: Canada / United States Tax & Accounting
Topic: Us military
Replies: 0
Views: 525

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...
by DonMurphyCanada
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: 1094

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...
by DonMurphyCanada
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: 1094

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...
by DonMurphyCanada
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: 1071

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 ...
by DonMurphyCanada
Thu Aug 13, 2015 1:19 am
Forum: Canada / United States Tax & Accounting
Topic: Moving Ira and other U.S. investments
Replies: 1
Views: 1067

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...
by DonMurphyCanada
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: 10
Views: 6410

What does "only taxable to the extent of the gains/interest/dividends made during that year." For example assume $5000 RESP that is distributed to US Citizen living in Canada (my son). Where does $5000 US money go? To Other income? You can assume that the trust holder files 3520/3520A's co...
by DonMurphyCanada
Sat Apr 11, 2015 11:05 am
Forum: Canada / United States Tax & Accounting
Topic: 2014 Student Status on 1040 and scholarships
Replies: 0
Views: 1248

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...
by DonMurphyCanada
Wed Mar 25, 2015 1:02 am
Forum: Canada / United States Tax & Accounting
Topic: Pay by Credit Card - TaxAct 2014
Replies: 2
Views: 1229

Pay by Credit Card - TaxAct 2014

TaxAct 2014 has a new "Pay By Credit Card" option. Does anyone know if you are "allowed" to use this option if you are a US citizen (living in Canada) if you are allowed to use this service? How do you "paper file"? Print it off as usual and include a copy of the receip...