Search found 105 matches
- Wed Feb 10, 2010 2:39 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Filing 1040X & 2008 Departure return
- Replies: 22
- Views: 13628
Ya I realize that. That amount would not be correct, using that amount reported on W2 because this is not the tax owed it shows the tax withheld. I did not use the 9,000 withheld on my W2 as the foreign tax credit I used the amount owed 4900 (Line 61) and got refunded the 4100 for the overpayment. A...
- Wed Feb 10, 2010 1:30 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Filing 1040X & 2008 Departure return
- Replies: 22
- Views: 13628
- Wed Feb 10, 2010 12:59 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Filing 1040X & 2008 Departure return
- Replies: 22
- Views: 13628
I’m probably confusing things. What happens on a tax return without any of the credits?. Lets say line 61 has Tax owed is $6,000 and the only thing in the payment section is Federal income tax withheld from Forms W-2 and 1099 which is $8,000 you would get a refund of $2000, at this point would the...
- Wed Feb 10, 2010 10:17 am
- Forum: Canada / United States Tax & Accounting
- Topic: Filing 1040X & 2008 Departure return
- Replies: 22
- Views: 13628
We are just looking at it differently. The math flow on the 1040 when it comes to this credit or any credit under the payment section, does not exempt you from the tax owed on line 61. If this was the case you would get 100% back as a refund of all your payments and credits in this section, but this...
- Tue Feb 09, 2010 5:23 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Filing 1040X & 2008 Departure return
- Replies: 22
- Views: 13628
Hey Nelsona no problem will agree to disagree, I have looked at the other lines. Several times the line that counts is line 61 this is the amount OWED for this tax year. What if you paid no tax at all thru the 2008 tax year (Nothing on line 62) and your total tax on line 61 OWED was 7,500. The only ...
- Tue Feb 09, 2010 3:17 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Filing 1040X & 2008 Departure return
- Replies: 22
- Views: 13628
- Tue Feb 09, 2010 12:26 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Filing 1040X & 2008 Departure return
- Replies: 22
- Views: 13628
- Mon Feb 08, 2010 6:09 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Filing 1040X & 2008 Departure return
- Replies: 22
- Views: 13628
- Mon Feb 08, 2010 5:55 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Filing 1040X & 2008 Departure return
- Replies: 22
- Views: 13628
Nelsona wondering if you could help clear up something, I have been looking into this further. The form needed to take the first time home buyers credit is form 5405. The results of 5405 (My case it would be $7500) would be moved to my 1040 which goes under the PAYMENT section line 69. Now in the pa...
- Thu Jan 21, 2010 12:03 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Filing 1040X & 2008 Departure return
- Replies: 22
- Views: 13628
I’m a permanent resident the US, I would always have to file taxes. But Yes I have looked into it, the remaining amount would be due in Full. If I sell the house repayment is depended on how much capital gain if there is no gain the remaining amount is basically forgiven. Work similar to the Home ...
- Thu Jan 21, 2010 11:50 am
- Forum: Canada / United States Tax & Accounting
- Topic: Filing 1040X & 2008 Departure return
- Replies: 22
- Views: 13628
- Thu Jan 21, 2010 9:38 am
- Forum: Canada / United States Tax & Accounting
- Topic: Filing 1040X & 2008 Departure return
- Replies: 22
- Views: 13628
Nelsona as always thank you for your response, unfortunately I do not fall into what you described, I had been living in Canada and Commuting to the US for work for years, so my departure return all my income was all US based. The total foreign tax credit I took between Federal + FICA+ State, The fe...
- Wed Jan 20, 2010 5:28 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Filing 1040X & 2008 Departure return
- Replies: 22
- Views: 13628
Filing 1040X & 2008 Departure return
In June 2008, I moved from Canada, To the United States filed my departure return in Canada. We Sold a Primary residence in Canada Before moving and bought our First house in the US. At the time I didn’t think I qualified to take the $7,500 first time home buyer tax credit (The one that has to be ...
- Mon Dec 21, 2009 11:22 am
- Forum: Canada / United States Tax & Accounting
- Topic: Credit for taxes paid to US for Canada return
- Replies: 11
- Views: 7375
- Mon Dec 21, 2009 11:17 am
- Forum: Canada / United States Tax & Accounting
- Topic: Credit for taxes paid to US for Canada return
- Replies: 11
- Views: 7375