Serbinski Accounting Firms

kylewkemp-
For 3520-A, Part III, this is what I do each year:

In column (b), I put the beginning balance of my TFSA (converted US $) as "other marketable securities - line 6). This is also the same $ value that would be on the previous year's ending balance as of 12/31 using the exchange rate of ...

Buddy-When you closed out your TFSA, did you then complete a form 8949 and a schedule D?

Oops, sorry. You are Canadians who live in the US. (My post above applied to living outside the US.)

Per IRS instructions on their website - look up International Taxpayer:

You may be allowed an automatic 2-month extension of time to file your return and pay any federal income tax that is due. You will be allowed the extension if you are a U.S. citizen or resident alien and on the regular due date ...

Found this in TaxAct support for how to enter Capital Gains and losses on Schedule D.

http://www.taxact.com/support/601/schedule-d---capital-gains-and-losses/?txtSearchValue=8949

It has directions. Create 1099-B for a transaction. TaxAct will populate 8949, which will populate Schedule D (which ...

If you do form 8621 in TaxAct, see my post under "Tax software for expatriates" where I detail how TaxAct tech support gave me how to work around doing more than five 8621 forms in TaxAct (which is the max # for their software because apparently it is the max # allowable by the IRS to file ...

Yes TaxAct lets you complete all these forms by going through the "forms" menu. (In fact, to complete Form 8621, you have to go through the Forms menu - the Q&A won't do it for you.)

May I suggest you start a new thread if you have questions about 3520 so that the title header matches the subject (for easier searching). :)

Great find! I feel even more comfortable now about the direction we are heading using form 8949. Thanks for that tidbit.

Doing more research on where to put Net Capital Gains from QEF election onto Schedule D. Another option:

Use Form 8949. Go to Part II to report Long-term gain and select "F" for not having received a 1099-B. Put the capital gain from the PFIC statement into Form 8949 column (d) "Proceeds".

Lots of ...

Sarahp - do I feel your pain! I just looked at it - because I will have to fill it as well, and it just makes me angry that this has to be soooo difficult! I keep hitting a brick wall -just when I figure something out, another roadblock! (OK - that's my vent.)

So to get back to the question. I use ...

For whatever this is worth - when I was backfiling 3520/A, I remember getting the advice from the professional I hired, that I should stagger the mailings. So, for example, mail completed 3520/A for 2009 (if that is your first filing). Wait a week. Mail 2010's completed forms. Wait a week. Then 2011 ...

I agree with sarahp. That is my understanding as well and have been filing 3520/A for TFSA and RESP in the past five years or so. And of course, this year adding Form 8621 - cringe.

Hired a cross border tax accountant (in their descriptions of skills - they will sometimes say that they are an "IRS enrolled agent".) Did a search on the internet to find a company to help me when I was first discovering that I had expat filings to do.

I wouldn't worry about BMO if they don't know what you are talking about. I had the same thing when I was doing mine (but with other investment companies) and I was so confused and frustrated. Hired an IRS enrolled agent to complete my 3520/A and now just follow the format each year. From what I ...