Search found 73 matches

by Diskdoctor
Tue May 31, 2016 1:11 pm
Forum: Canada / United States Tax & Accounting
Topic: Reporting OAS & CPP/QPP and Form 8833
Replies: 43
Views: 32453

rafa02, I posed the question of how to report SS benefits in Taxact to the Taxact support people. I'll paste the response below. They suggest to do as you have done and not report the income at all. As nelsona has pointed out this would then limit your foreign tax credit claim. What I may do to get ...
by Diskdoctor
Mon May 30, 2016 2:19 pm
Forum: Canada / United States Tax & Accounting
Topic: Claim all Canadian income tax as FTC?
Replies: 14
Views: 3214

Thanks for the clarification nelsona!
by Diskdoctor
Sun May 29, 2016 8:05 pm
Forum: Canada / United States Tax & Accounting
Topic: Claim all Canadian income tax as FTC?
Replies: 14
Views: 3214

OK. CPP/OAS were reported in the past (on line 16a) and I plan to continue reporting them. I'm not sure what you mean by "It simply may not give any tax credit back." Can that credit only be applied against CPP/OAS income in the future (for instance if the taxpayer moved back to the US), or can it b...
by Diskdoctor
Sun May 29, 2016 10:50 am
Forum: Canada / United States Tax & Accounting
Topic: Claim all Canadian income tax as FTC?
Replies: 14
Views: 3214

Thanks for the info! That's what makes sense to me but I was confused by what the accounting firm had done and looking through the instructions I only found references to categories of income not whether any specific income was taxable in the US. He will be OK for this year (not owing US taxes) due ...
by Diskdoctor
Sun May 29, 2016 1:01 am
Forum: Canada / United States Tax & Accounting
Topic: Excluding CPP/OAS from 1040 taxable amount with TaxACT
Replies: 3
Views: 1486

Anybody find a good way to get around this in the Taxact software?
by Diskdoctor
Sun May 29, 2016 12:32 am
Forum: Canada / United States Tax & Accounting
Topic: Reporting OAS & CPP/QPP and Form 8833
Replies: 43
Views: 32453

[quote="rafa02"]Unfortunately this does not seem to work with tax software (TaxAct). Reducing (excluding) income on line 21 changes the amount of taxable SS benefits. No doubt this would work for paper filed returns, but I really do not want to go back to paper filing.[/quote] rafa02, did you ever r...
by Diskdoctor
Sun May 29, 2016 12:27 am
Forum: Canada / United States Tax & Accounting
Topic: Claim all Canadian income tax as FTC?
Replies: 14
Views: 3214

Claim all Canadian income tax as FTC?

Can all income tax paid in Canada be claimed as a Foreign Tax Credit in form 1116? Searching this forum I've seen some vague references to this but no clear information. My question relates specifically to income of a US citizen resident in Canada that is not taxable in the U.S. - i.e. OAS, CPP and ...
by Diskdoctor
Mon Mar 31, 2014 9:53 am
Forum: Canada / United States Tax & Accounting
Topic: RESPs and US taxes
Replies: 39
Views: 18411

I have seen no evidence that a US citizen is required to file anything for a NRA spouse who doesn't file US taxes though Nelsona has alluded to the possibility of this requirement at some future date. If a law like this does come into effect the US government would basically be requiring its citizen...
by Diskdoctor
Tue Mar 11, 2014 5:58 pm
Forum: Canada / United States Tax & Accounting
Topic: RESP joint account
Replies: 3
Views: 1256

My wife and I filed 4 3520s in 2010 and we brought the average way down too!
by Diskdoctor
Tue Mar 11, 2014 5:53 pm
Forum: Canada / United States Tax & Accounting
Topic: Expatriation & RRSPs
Replies: 3
Views: 1936

What would happen to those RRSPs if the taxpayer were to return to the U.S. and again be required to file U.S. taxes? Would you treat it as if tax had continued to be deferred in the interim or would you start fresh?
by Diskdoctor
Mon Mar 11, 2013 9:48 am
Forum: Canada / United States Tax & Accounting
Topic: NRA spouse choosing to file US taxes reporting requirements
Replies: 4
Views: 3325

You raise the issue of potential filing requirements for NRA spouses who do not file jointly. I saw some discussion of this in another thread on RESPs: http://forums.serbinski.com/viewtopic.php?t=4283&start=30 Potential future requirements are good to be aware of but I am most concerned about what t...
by Diskdoctor
Mon Mar 11, 2013 9:38 am
Forum: Canada / United States Tax & Accounting
Topic: NRA spouse choosing to file US taxes reporting requirements
Replies: 4
Views: 3325

nelsona, You make a good point regarding the tax deferral implications of not filing the 8891. If one is willing to claim the RRSP income though, it's still not clear to me whether the 8891 is required. Similarly for the 3520. Even if it's not required you still have to claim the income when filing ...
by Diskdoctor
Mon Mar 11, 2013 9:28 am
Forum: Canada / United States Tax & Accounting
Topic: CRA USD Annual Avg Exchange Rate for 2012 is 1.000!
Replies: 5
Views: 2995

From the site you linked "The Internal Revenue Service has no official exchange rate. Generally, it accepts any posted exchange rate that is used consistently."
by Diskdoctor
Mon Mar 11, 2013 8:50 am
Forum: Canada / United States Tax & Accounting
Topic: Taking stab at 3520, -A for TFSA
Replies: 157
Views: 134867

regrettingthis,

I would take no response from the IRS as a good thing. They generally only respond when there's a problem.
by Diskdoctor
Wed Mar 06, 2013 12:41 pm
Forum: Canada / United States Tax & Accounting
Topic: NRA spouse choosing to file US taxes reporting requirements
Replies: 4
Views: 3325

NRA spouse choosing to file US taxes reporting requirements

This thread relates to the situation where one spouse is a US citizen, the other spouse is not, they are living outside the US, and the non-US spouse has made an election under 6013(g) or (h) to file US taxes as if they are resident. What are the reporting requirements for the NRA (non-resident alie...