Search found 37 matches

by formerpatriot
Sun Aug 18, 2019 1:52 pm
Forum: Canada / United States Tax & Accounting
Topic: Case Studies: Social Security, WEP, and CPP
Replies: 15
Views: 372

Re: Case Studies: Social Security, WEP, and CPP

exPenn: Thank you for the tips. We live in Quebec. The Quebec "Bureau de la Retraite" can do all the paperwork for us when it's time to apply for U.S. Social Security benefits. They recommend that we apply 4 to 6 months in advance (i.e. 4 to 6 months prior to desired benefit starting date). As you k...
by formerpatriot
Wed Aug 14, 2019 10:12 am
Forum: Canada / United States Tax & Accounting
Topic: Case Studies: Social Security, WEP, and CPP
Replies: 15
Views: 372

Re: Case Studies: Social Security, WEP, and CPP

exPenn:
You should join the Financial Wisdom Forum and share your "Case Studies: Social Security, WEP, and CPP" post over there.
Or, if you prefer, allow me to copy your post to the FWF (and I'll give credit to "exPenn from the Serbinski forum").
by formerpatriot
Wed Aug 14, 2019 7:41 am
Forum: Canada / United States Tax & Accounting
Topic: Case Studies: Social Security, WEP, and CPP
Replies: 15
Views: 372

Re: Case Studies: Social Security, WEP, and CPP

exPenn:
Please send me a private message if you can.
by formerpatriot
Fri Jul 05, 2019 2:16 pm
Forum: Canada / United States Tax & Accounting
Topic: Another 401(k) question...
Replies: 3
Views: 183

Another 401(k) question...

In a document titled "Strategies for Canadians with U.S. Retirement Plans" published by Sun Life in March 2015 and available online, it says "Under the Canada - United States Income Tax Convention (the treaty), Canadian Residents may enjoy continued tax deferral of their IRA, 401(k) plan and Roth IR...
by formerpatriot
Sat Mar 02, 2019 12:56 pm
Forum: Canada / United States Tax & Accounting
Topic: Calculating Net Worth on Form 8854 (Expatriation)
Replies: 2
Views: 206

Re: Calculating Net Worth on Form 8854 (Expatriation)

My wife renounced her US citizenship in 2018. She filed her Form 8854 a few weeks ago. We are joint owners of our house here in Canada. On line 16 column (a) of the Balance Sheet (Schedule A of Part V), she put 50% of the (estimated) value of the house as renunciation day. In column (b) she put 50% ...
by formerpatriot
Fri Feb 22, 2019 5:29 pm
Forum: Canada / United States Tax & Accounting
Topic: Windfall Elimination Provision
Replies: 14
Views: 1099

Re: Windfall Elimination Provision

I can't remember where I got the x/2 limit. Maybe I'm wrong. Anyway, as nelsona mentioned, QPP will be small and therefore it is the x - (y/2) formula that will apply. According to Retraite Quebec, if she takes her QPP at age 60, the pension will be 500 CAD per month, thus the amount y will be about...
by formerpatriot
Wed Feb 20, 2019 8:30 pm
Forum: Canada / United States Tax & Accounting
Topic: Windfall Elimination Provision
Replies: 14
Views: 1099

Re: Windfall Elimination Provision

I have been reading about WEP. Here is an example: My wife has 40+ credits. If she had no QPP at all (and no other Quebec/Canada pension) her SS benefits would be, say, x USD per month at full retirement age. Let's say she does have QPP which amounts to y USD per month at the time she applies for SS...
by formerpatriot
Fri Feb 08, 2019 10:49 pm
Forum: Canada / United States Tax & Accounting
Topic: FBAR Question
Replies: 6
Views: 373

Re: FBAR Question

To coco1106: I'm no expert. But I have some experience. I have filed my wife's FBAR for the years 2009 to 2018. Her status was dual citizen living in Canada. She filed FBAR because the total (combined) value of her Canadian accounts was above 10,000 USD. (She has now renounced her US citizenship and...
by formerpatriot
Fri Feb 01, 2019 3:40 pm
Forum: Canada / United States Tax & Accounting
Topic: Year of renunciation: 1040 only or combination 1040/1040NR
Replies: 8
Views: 345

Re: Year of renunciation: 1040 only or combination 1040/1040NR

I agree with your last comment. It makes more sense than any other approach that I have considered or that I have read about. I will report salary and interest on 1040, reduce (in fact eliminate) salary on 1040 with 2555, bring forward adjusted gross income from 1040 to 1040NR, then (if possible, if...
by formerpatriot
Thu Jan 31, 2019 9:30 am
Forum: Canada / United States Tax & Accounting
Topic: Year of renunciation: 1040 only or combination 1040/1040NR
Replies: 8
Views: 345

Re: Year of renunciation: 1040 only or combination 1040/1040NR

Thank you again. It was not your comment "use 1116 to eliminate the US tax on the foreign income you included on the 1040" that puzzled me. It was your previous comment: "Remember that on your 1040NR, you bring forward any income from the 1040 portion that you filled". Do you mean (a) "bring forward...
by formerpatriot
Wed Jan 30, 2019 9:48 pm
Forum: Canada / United States Tax & Accounting
Topic: Year of renunciation: 1040 only or combination 1040/1040NR
Replies: 8
Views: 345

Re: Year of renunciation: 1040 only or combination 1040/1040NR

nelsona, thank you for your reply. I was going to do the following: - Report Canadian salary (up to renunciation day) on 1040 line 1 (in US dollars of course). - Report Canadian taxable interest (up to renunciation date) on 1040 line 2b (in US dollars of course). - Fill 2555-EZ to nullify the amount...
by formerpatriot
Wed Jan 30, 2019 7:57 pm
Forum: Canada / United States Tax & Accounting
Topic: Year of renunciation: 1040 only or combination 1040/1040NR
Replies: 8
Views: 345

Year of renunciation: 1040 only or combination 1040/1040NR

My wife renounced her US citizenship in October 2018. We are trying to do her tax return for the year 2018. A multitude of web sites say that we must do the following: - 1040 for the part of the year from January 1 to Day Before Renunciation. Include world wide income (In our case the salary from he...
by formerpatriot
Sat Jan 12, 2019 5:53 pm
Forum: Canada / United States Tax & Accounting
Topic: Filing IRS Form 8854 after renunciation
Replies: 0
Views: 306

Filing IRS Form 8854 after renunciation

My wife renounced her US citizenship in 2018. I am trying to fill Form 8854 "Initial and Annual Expatriation Statement". In her case, this will be an "Initial" as well as final expatriation statement. I am posting my questions below. Perhaps some people here can help. Since expatriation occurred in ...
by formerpatriot
Thu Aug 16, 2018 10:42 pm
Forum: Canada / United States Tax & Accounting
Topic: Catching up on Tax Compliance
Replies: 8
Views: 757

Re: Catching up on Tax Compliance

Mrs Patriot is married to Mr Patriot. Mr Patriot is a bit of a sicko. He found it amusing to file 19 years of tax returns and he still wonders what was the look on the face of the IRS person who opened the envelope containing a nice cover letter and 19 years of tax returns.