Search found 60 matches

by Canadian Newbie
Tue Nov 22, 2022 4:20 pm
Forum: Canada / United States Tax & Accounting
Topic: US Social Security income reporting on Form 1040
Replies: 15
Views: 4343

Re: US Social Security income reporting on Form 1040

Thanks again. I now understand your approach to the 8833. I will file it going forward. It never hurts to file a form on a protective basis.
by Canadian Newbie
Mon Nov 21, 2022 4:27 pm
Forum: Canada / United States Tax & Accounting
Topic: US Social Security income reporting on Form 1040
Replies: 15
Views: 4343

Re: US Social Security income reporting on Form 1040

What income thresholds are they? I never saw them on the 8833 instructions and they are not in the Regs. I have not filed the Form 8833 for either the SS issue nor for my US interest that is resourced. Should I amend for the past three years and include the 8833? As I said, I am looking at penalties...
by Canadian Newbie
Mon Nov 21, 2022 12:07 am
Forum: Canada / United States Tax & Accounting
Topic: US Social Security income reporting on Form 1040
Replies: 15
Views: 4343

Re: US Social Security income reporting on Form 1040

Thanks for responding. I have not filed the 8833 in the past. Should I file amended with the 8833 or just file it going forward? I am afraid of penalties at this point. I did not think that the 8833 was needed when it came to resourcing. The following are exceptions to filing under the Regs. I thoug...
by Canadian Newbie
Fri Nov 18, 2022 11:11 pm
Forum: Canada / United States Tax & Accounting
Topic: US Social Security income reporting on Form 1040
Replies: 15
Views: 4343

Re:

nelsona wrote: > The absolute correct way is to re-source the income. > > However, this issue affects seniors, and is typically the only treaty > related issue they have ever encountered, IRS ALWAYS accepts the simple way > of zero-ing out 20b. You can skip the 8833. IRS can figure it out. Make > su...
by Canadian Newbie
Sun Mar 06, 2022 4:22 pm
Forum: Canada / United States Tax & Accounting
Topic: Dual Citizenship in 2021
Replies: 4
Views: 867

Re: Dual Citizenship in 2021

Thanks for responding Nelsona.
Sorry for my error in listing my reporting regarding my interest income sources.

I do report the CDN interest income as foreign passive income on 1116.
I do report my interest earned in the US as re-sourced.

Thanks again.
by Canadian Newbie
Thu Mar 03, 2022 8:51 pm
Forum: Canada / United States Tax & Accounting
Topic: Foreign Health Insurance
Replies: 10
Views: 5334

Re: Foreign Health Insurance

Darn. I have been filing the 720 for five years now thinking the tax was due on my GSC health plan premiums. I missed where it only applies to residents of the US. I thought since I am a US citizen, I was required to file it.

I think I will file my final return in April.
by Canadian Newbie
Thu Mar 03, 2022 8:40 pm
Forum: Canada / United States Tax & Accounting
Topic: Effect of Exchange on Cap Gains/Loss Reporting and Form 1116
Replies: 7
Views: 1024

Re: Effect of Exchange on Cap Gains/Loss Reporting and Form 1116

Greetings. My FTC on my US return falls way short of the tax I pay in Canada on the stuff I am entitled to take a credit on. Lots of variables involved. My total tax in US is way below my Canadian tax. In my case it never will be dollar for dollar unless for some reason my US tax goes way up due to ...
by Canadian Newbie
Thu Mar 03, 2022 8:08 pm
Forum: Canada / United States Tax & Accounting
Topic: Effect of Exchange on Cap Gains/Loss Reporting and Form 1116
Replies: 7
Views: 1024

Re: Effect of Exchange on Cap Gains/Loss Reporting and Form 1116

I forgot to add that I am curious what you mean by the FTC falling short if you are a dual citizen. I became a DC in 2021. I am curious as to what you mean by that. Is there a change in how the US FTC is calculated upon becoming a Canadian Citizen?
by Canadian Newbie
Thu Mar 03, 2022 8:04 pm
Forum: Canada / United States Tax & Accounting
Topic: Dual Citizenship in 2021
Replies: 4
Views: 867

Re: Dual Citizenship in 2021

Thanks for responding.

My core question is-

Will my becoming a dual citizen have any effect on my filing under the tax treaty? My guess is no. I file the same way I did prior to becoming a dual citizen.

Thanks again.
by Canadian Newbie
Thu Mar 03, 2022 8:01 pm
Forum: Canada / United States Tax & Accounting
Topic: Effect of Exchange on Cap Gains/Loss Reporting and Form 1116
Replies: 7
Views: 1024

Re: Effect of Exchange on Cap Gains/Loss Reporting and Form 1116

That is a great question and it applies to me as well. I sold some personal items in 2021 and am paying almost no tax based on the Canadian basis calculation. I am paying tax on my 1040. My guess was that as you said, it is a "just out of luck" situation. But when you think about it, you a...
by Canadian Newbie
Thu Mar 03, 2022 7:48 pm
Forum: Canada / United States Tax & Accounting
Topic: Dual Citizenship in 2021
Replies: 4
Views: 867

Dual Citizenship in 2021

Hi all- My wife and I were granted Canadian citizenship in 2021. Now Dual Citizens of CDN and US. From all I can gather, there is nothing in the US/Canada treaty that will not change the treatment of my income which is simple- US Social Security-Reported but no tax on my US return and I get the 15% ...
by Canadian Newbie
Sat Apr 14, 2018 2:55 pm
Forum: Canada / United States Tax & Accounting
Topic: US Pension Splitting question regarding Form T2209
Replies: 10
Views: 3004

Thanks. I will have to file T1 Adjustment requests. I wish I would have asked the question here first before filing this year. I assume I will have to wait intil they assess before filing an adjustment request. This rule by CRA is surprising somewhat. It would seem that the chance for double taxatio...
by Canadian Newbie
Sat Apr 14, 2018 1:56 am
Forum: Canada / United States Tax & Accounting
Topic: US Pension Splitting question regarding Form T2209
Replies: 10
Views: 3004

Sorry but I am still confused. Her pension is $10,000. I am reporting 1/2 of the pension which is $5,000 as splitting. We paid joint tax of $1,000 on the pension on our US 1040. So, from what I understand I am not permitted to report $500 paid as a tax credit on my T1 even though we split the income...
by Canadian Newbie
Sat Apr 14, 2018 1:00 am
Forum: Canada / United States Tax & Accounting
Topic: US Pension Splitting question regarding Form T2209
Replies: 10
Views: 3004

US Pension Splitting question regarding Form T2209

I saw some other posts on this but I am still somewhat confused. My wife and I are US citizens/Canada residents and she earns a US based pension. We are splitting the pension amount between us on our canadian returns. My question is, does she take the credit on Form T2209 for the entire US tax we pa...
by Canadian Newbie
Tue Mar 27, 2018 5:57 pm
Forum: Canada / United States Tax & Accounting
Topic: Disparity Between Statutes for Audits between US and Canada
Replies: 3
Views: 1670

Thanks for the info. Most of our income is Canadian sourced such as interest income, wages earned in Canada and even my social security is re sourced to Canada. So , there is not much going on with the Foreign tax credit on my canadian returns except for credit for the US tax on a US based state pen...