Serbinski Accounting Firms

MGeorge, I must have misunderstood something about the QEF reporting; if I provide an example would you point out where I am misunderstanding?

The example (from https://expattaxtools.com/wp-content/uploads/2017/04/The-Trouble-with-QEF-Reporting.pdf)"


Supposed I buy 10,000 shares of RBC Oâ ...

Thanks MGeorge! You seem to be the most knowledgeable on PFICs and QEFs on the forum and I've reviewed several of your very helpful posts to figure out 8621! Thanks for sharing your knowledge!

So going with Election A every year I would pay ordinary tax rate on distributions (which would mostly be ...

I've decided going forward I am going to do my own taxes in future years. I think I have a handle on most aspects but am still trying to wrap my head around 8621.

I have not yet made any non-RRSP (tax sheltered) investments so I don't yet own any 8621-requiring investments. But I am just going to ...

MGeorge,

The reason I was hoping to avoid exemption C and 8965 is the accountant charges $200 for it. So avoiding the form would save a fair bit of money.


Nelsona,

I do have health coverage but the accountant is saying it's not sufficient since I am no longer a resident of the US I can't use ...

Hi,

I'm still debating if 8965 is really required for Canadian residents. I called the IRS and the person I spoke with there said that because Canada has health coverage this form wouldn't need to be filed. 8965 with exemption C is necessary if you're outside the US for the year but don't have ...

Thanks for the responses Nelsona!!

I'm going to get the 1095-A. And yes, I'll be searching for help elsewhere if this doesn't get resolved.

I'm guessing being a non-US resident but still being on my parent's health coverage is causing some issues in the software/system which is why it directs to ...

I'm still battling. He does not want to do line 61 on 1040 and is insisting 8965 needs to be filed (and the $195 paid).

It's been a fair bit of back and forth and I'm growing increasingly frustrated at the price and unwillingness to do this alternative method.

I'll have to talk to my parents to see if they got a 1095 for me.

Price for excemption C on 8965 is $195 USD.

Reviewing the instructions determining if you need to file is in the following order:

1. Can you be claimed as dependent?
2. Did you have minimum necessary health coverage?
3. Are you eligible for an exemption?

In my opinion because I qualify for #2 (and hence, don't proceed to question #3) 8965 ...

Hi,

I'm trying to figure out if I need to file 8965. I was a resident of Canada throughout 2016. Based on that I would need to file an exemption on the form.

However, I am under 26 and my parents paid for me to remain on their insurance (they live in the US). Based on the instructions for the form ...

sorry Form 8965*

Yeah seriously. The $200 fee for doing the health care exemption form (8962) is especially frustrating. It's 5 boxes that need to be filed out.

Haha I'm so paranoid about IRS and FATCA too that I pay tons of money for (relatively) simple cross border tax preparation. Next year hopefully I'll have learned enough to do it myself!

Thanks for all that you do for the forum!

Thanks for the response and clarification Nelsona. I'm talking with Virtual Brokers about another error they made (incorrect calculation of non-registered 1099-DIV). Once that's fixed I'm going to talk with Serbinski. They made many little mistakes all over the US and Canadian returns.

I'm a US/Canadian citizen living in Canada. I've noticed that my brokerage (Virtual Brokers) provided a 1099-DIV for my RRSP account. My understanding is that dividends from the RRSP account do not need to be reported to the IRS. Why would they have provided that form?

Also, I used Serbinski for my ...