Serbinski Accounting Firms

nelsona wrote: > Just to clarify, filing extension is unnecessary if you do not owe money. > and it doesn't help you if you do owe money (unless you send money with the > extension), > > Question: How does IRS know you owe money if you haven't filed yet? I have filed! And I got money back from both ...

nelsona wrote: > Indeed. Filing for an extension is optional, if you don't owe anything -- > and doesn't help if you do owe unless accompanied by a check, but correct. > > That is what was meant by "have to wait to file until that period is > up, sometime this summer" So I did not file for...

It has become really painful to relinquish your US citizenship, so before you decide to do that, really think down the line if you want to go that route. I know one person with some assets that gave up on relinquishing it and decided to try and live in US and another one that is now finally in the e...

Oh, so you mean what I should report to CRA is my income into my bank account after August 1st, not 5/12 of the gross on my w2? This makes a big difference!

Thanks, sounds good then. Deposits interests should also be declared right? 5/12 of yearly amount declared by my bank I'm assuming. If I sold stock/mutual funds before august, do I need to report them? Since I already entered the combined tax for my income I assume I leave this part empty in ufile. ...

Thanks so much, that ratio makes sense to figure out the tax for the 1040. So simple, yet I was making it more complicated. Regarding her income in Canada, we used form 2555 for foreign earned income when we filed in US. I guess you are suggesting we should have not excluded this using 2555 and then...

Hi Nelsona, thank you so much for all the help. Your answer got me even a bit more confused though :) I am still grappling with using for foreign tax credits both of our incomes when Canada should not care about my wife's US income since she was not even in Canada when it happened. My understanding ...

I am having a hard time figuring out how to find the values I need to provide to CRA for foreign tax credits. I'm guessing none of this will matter as I will send them our return, w2, 1040 and they will figure it out anyway... but I digress. Back story: I had income from US all of 2017 but I moved t...

How much money are we talking about here? The suggested way is valid and people use if you can get all pieces in place. I've moved some of my own money from US to Canada using transferwise and also from europe (family) to canada the same way. Trustworthy, just make a small exchange first to make sur...

nelsona wrote: > I can’t answer about how you are entering info. > However even if you werepaid by US firm as if you lived in US, you still > can use 2555 if you otherwise qualify. > You might run into issues for the state tax though if your employer > continued to withhold for the state you were li...

I meant to say are upon us, we are now over 330 days :)

Thank you so much for your help. The 330 days are not upon us so I went back to taxact to file things. I started by entering US income for both of us and then added the 2555 for my spouse and entered the same amount (~25k USD converted from CAD) into the 1040FEC. We claimed 225 days out of the count...

Reviewing shows that it is not happy either with Bona Fide Test. I enter that she left on 5/21 and has has not ended but taxAct says: "The entries for the bona fide residence test on Amber's Form 2555 do not qualify to claim the foreign earned income or housing exclusion. The residence period m...

Actually, TaxAct is not happy... "The entries for the physical presence test section of Amber's Form 2555 do not qualify to claim the foreign earned income or housing exclusion. The total number of days in the foreign country must be at least 330. " I believe I had done before as a Bona Fi...

This means in TaxAct I just use the PPT test ? I did it and entered 213 days and seems like it worked?...

But it then asked me to add "Form 1040 FEC - Foreign Employer Compensation and Pensions" and I entered the same USD value for the CAD income. Does this sound reasonable?