Serbinski Accounting Firms

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...

[quote="nelsona"]Tax is paid. You know what that is. [b]Your only tax payments are what was withheld, what was sent installments or with your return, and minus what was refunded.[/b] CRA will not look at it any other way.[/quote] See this is the thing I do have an amount under Federal inco...

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...

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...

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 ...

I have not looked at 2009 1040, I’m referring to 2008 1040 which I want to amend, and in no way are they reducing the amount of tax owed. 2008 1040 line 61 is tax owed and in no way are the reducing this amount.

Nelsona, I do see what your saying, but bottom line is The Home Buyer tax credit just increases your refund amount it does not “Wipe outâ€￾ your tax liability for that year. You still owe and have to pay the amount on line 61 for that tax year. Thus available for the foreign tax credit in Canada.

[quote="Greg"]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 sectio...

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...

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 ...

[b]"Of course If you continued to live in canada, you would be increasing your US tax credit by $500/yr going forward"[/b] If this where the case I wouldn’t even qualify for the $7500 Ya I see no way around this either. Taken the credit would wipe out all my federal taxes that I would ha...

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...

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 ...

Almost forgot, I also attach a seperate piece of paper that I title Slip Summery. It shows my SIN#, total foreign income and total foregin taxes payed (From 1040 NOT PAY STUB) and the exchange rate used in my calculations.

[quote="bruce"]Does the CRA only require a copy of the signed 1040 (i.e. 2 pages) in order to get FTCs for US tax paid? Or do they also want to see the full US return with all the attachments (e.g. schedules, forms, etc)?[/quote] For the past eight years I have just been sending my 1040 (2...