Search found 24 matches

by nikitapunch
Tue Apr 09, 2019 11:04 pm
Forum: Canada / United States Tax & Accounting
Topic: Article XXV for Canadian Residents
Replies: 53
Views: 5412

Re: Article XXV for Canadian Residents

If all totals on Schedule A for the pro forma 1040 with taxes paid to Canada and not refunded (or anything else added) is then less than the standard deduction then one is better off taking the standard deduction. That makes sense and I believe you mentioned that in another post. For 2018 MFJ the st...
by nikitapunch
Mon Apr 08, 2019 6:07 pm
Forum: Canada / United States Tax & Accounting
Topic: Article XXV for Canadian Residents
Replies: 53
Views: 5412

Re: Article XXV for Canadian Residents

Correct and thank you nelsona. I was aware I need to complete the 1040NR.
by nikitapunch
Mon Apr 08, 2019 12:58 pm
Forum: Canada / United States Tax & Accounting
Topic: Article XXV for Canadian Residents
Replies: 53
Views: 5412

Re: Article XXV for Canadian Residents

nelsona. I did confuse this. Wow. That is much easier than I thought. I take what I ended up with on line 11 and then last step to subtract the taxes paid. That I was missing. Simple enough. I will add a cover letter to explain what I am doing. Otherwise I don't think they will know why I did that.
by nikitapunch
Mon Apr 08, 2019 8:54 am
Forum: Canada / United States Tax & Accounting
Topic: Article XXV for Canadian Residents
Replies: 53
Views: 5412

Re: Article XXV for Canadian Residents

I filled out the 1040 up to line 11 only and put an 'X' on the rest of the form. The tax amount on line 11 is all you need for the calculation. I wasn't sure about the signing part myself. I don't think so but I had my husband sign it anyway. With regard to the amount on line 11 I was looking at tak...
by nikitapunch
Sat Apr 06, 2019 7:00 pm
Forum: Canada / United States Tax & Accounting
Topic: Article XXV for Canadian Residents
Replies: 53
Views: 5412

Re: Article XXV for Canadian Residents

This does exist in the Internal Processing Manual that the IRS themselves uses. nelsona is correct where answers are different. In my case I did get lucky to find someone from the IRS that took the time to look the article up. They found it in their IRS manual which the IRS should refer to when rece...
by nikitapunch
Thu Apr 04, 2019 11:54 am
Forum: Canada / United States Tax & Accounting
Topic: Pro Forma 1040 for XXV(4) calculation for US Return 2018
Replies: 15
Views: 1291

Re: Pro Forma 1040 for XXV(4) calculation for US Return 2018

Thanks nelsona for clarifying. Sorry. I didn't realize you had posted a response until now and this is very helpful. I was occupied on a couple other posts. Thank you for addressing each point. I realized some items were wrong after asking and I have learned something new from you once again. Pieces...
by nikitapunch
Wed Apr 03, 2019 11:50 am
Forum: Canada / United States Tax & Accounting
Topic: Article XXV for Canadian Residents
Replies: 53
Views: 5412

Re: Article XXV for Canadian Residents

Thanks for clarifying. That is an important distinction which I was missing.

Does not apply to me as my kids have SSN but still good to get the clarity for others.
by nikitapunch
Wed Apr 03, 2019 9:12 am
Forum: Canada / United States Tax & Accounting
Topic: Article XXV for Canadian Residents
Replies: 53
Views: 5412

Re: Article XXV for Canadian Residents

I wanted to add onto nelsona comments as well with pub. 972 which was mentioned. Looking also at Pub. 501 (Dependents, Standard Deduction and Filing Information) it looks to me like publications may not be aligned which also causes confusion even though there was also that Mexico example. Page 11/12...
by nikitapunch
Tue Apr 02, 2019 6:46 pm
Forum: Canada / United States Tax & Accounting
Topic: Child Tax Credit and World Income Reporting
Replies: 34
Views: 1877

Re: Child Tax Credit and World Income Reporting

Other than nelsona response for subject: Article XXV for Canadian Residents that is the most knowledgeable response from someone who knows. Unfortunately I don’t know to advise further. Sorry. If one can get someone knowledgeable from the IRS they may answer as well. For international return their s...
by nikitapunch
Fri Mar 29, 2019 12:58 pm
Forum: Canada / United States Tax & Accounting
Topic: Article XXV for Canadian Residents
Replies: 53
Views: 5412

Re: Article XXV for Canadian Residents

I recall the tax accountant I consulted with that one cannot do pro forma with pension income. You may want to double check that. And this calculation is correct from you. What I had also yielded the same result for me but just in a different format/order. 1040NR taxable income ____________________ ...
by nikitapunch
Fri Mar 29, 2019 12:43 pm
Forum: Canada / United States Tax & Accounting
Topic: Child Tax Credit and World Income Reporting
Replies: 34
Views: 1877

Re: Child Tax Credit and World Income Reporting

For the child tax credit I highly recommend calling the IRS and speak to someone in the international tax law area. The instructions indicate an SSN is needed but you can also mention you are using Article XXV (25) and see what response you get. Some of them are quite helpful and they may be able to...
by nikitapunch
Thu Mar 21, 2019 9:52 am
Forum: Canada / United States Tax & Accounting
Topic: Child Tax Credit and World Income Reporting
Replies: 34
Views: 1877

Re: Child Tax Credit and World Income Reporting

I am not an expert but I saw an accountant yesterday as I did something similar for them to check what I did as I am doing pro forma 1040 for the first time. 1. US Child Tax Credit - My children are US citizens with an SSN but if there were not I was told I would not have been allowed to enter. I ha...
by nikitapunch
Mon Mar 18, 2019 8:09 am
Forum: Canada / United States Tax & Accounting
Topic: Pro Forma 1040 for XXV(4) calculation for US Return 2018
Replies: 15
Views: 1291

Re: Pro Forma 1040 for XXV(4) calculation for US Return 2018

Bubba Gums - I am glad you brought up the foreign property taxes. I do now see that foreign property taxes will not be eligible for deduction as this came about with the 2018 tax changes. With regard to the Ontario health premium I am looking at as a tax paid can a deduction be taken for this on the...
by nikitapunch
Sun Mar 17, 2019 11:16 pm
Forum: Canada / United States Tax & Accounting
Topic: Article XXV for Canadian Residents
Replies: 53
Views: 5412

Re: Article XXV for Canadian Residents

Sorry adeboloj. I need to backtrack. A joint 1040 is filed by both spouses including all world income for both reported. So I take this to mean one pro forma 1040 with both spouses income added to Line1 (Wages...) Based on your experience this is how you have been doing this on one 1040? Is the spou...
by nikitapunch
Sun Mar 17, 2019 10:34 pm
Forum: Canada / United States Tax & Accounting
Topic: Article XXV for Canadian Residents
Replies: 53
Views: 5412

Re: Article XXV for Canadian Residents

Hi adeboloj, I wanted to ask you when you do a pro forma 1040 married filing jointly for you and your spouse are you entering information in only one 1040? Or are you filling out two 1040 forms? I thought I was clear on this before but now questioning myself. If you can expand on what you do that wo...