Search found 73 matches

by Diskdoctor
Tue Mar 05, 2013 3:57 pm
Forum: Canada / United States Tax & Accounting
Topic: Removing USCitizen name from Cdn trust account to avoid 3520
Replies: 9
Views: 3432

ND,

That's a very interesting point. I need to investigate this further. I am a NRA and my wife is a dual citizen. I have been filing all the tax documents including FBAR and 3520s for the past number of years as if I am a U.S. citizen thinking that's what I needed to do to be compliant.

I found one reference here which seems to corroborate your theory as far as the FBAR goes:
"Generally, US citizens and US residents must file an FBAR under certain circumstances, but the determination of whether an individual is a US “residentâ€￾ is to be made without regard to having made the Section 6013(g) election." (http://blogs.angloinfo.com/us-tax/2012/ ... 8-part-ii/)

Anybody out there have more information on this, particularly as it relates to the 3520?
by Diskdoctor
Mon Feb 18, 2013 1:17 pm
Forum: Canada / United States Tax & Accounting
Topic: Taking stab at 3520, -A for TFSA
Replies: 157
Views: 134871

[quote="andtyl"]CdnAmerican, when you suggest not checking the 3rd box on page 1, do you mean the one that says, "You are the US person who, during the current tax year, recieived a distribution from a foreign trust"?[/quote] I left the 3rd box on page 1 checked for the accounts where I withdrew mon...
by Diskdoctor
Tue Feb 12, 2013 11:09 am
Forum: Canada / United States Tax & Accounting
Topic: Taking stab at 3520, -A for TFSA
Replies: 157
Views: 134871

Thanks CdnAmerican! Honestly I didn't read through the instructions this year. I was just duplicating what I had done 2 years ago. Reading that paragraph now it seems pretty clear that your interpretation is correct. If the 'distributions' are reported on the 3520-A (or presumably the substitute 352...
by Diskdoctor
Mon Feb 11, 2013 11:22 pm
Forum: Canada / United States Tax & Accounting
Topic: Taking stab at 3520, -A for TFSA
Replies: 157
Views: 134871

[quote="andtyl"]Hi all- I hae read all the previous posts and am still not understanding part III of 3520. I closed my TFSA in 2012 but it sounds like the IRS wants me to pay an interest penalty because the whole "trust corpus" (original investment) was returned in 2012, rather than being equally di...
by Diskdoctor
Tue Feb 05, 2013 12:14 am
Forum: Canada / United States Tax & Accounting
Topic: Algorithm for doing a 3520-3520A in 2nd year and beyond
Replies: 28
Views: 17803

CdnAmerican, Thanks for the detailed information on filling out this form. This is the type of thing I was looking for a few years ago! I have taken a slightly different approach to some of these items, mostly detailed in the thread you referenced. A few comments: 1) Where it asks for 'Title' by sig...
by Diskdoctor
Mon Feb 04, 2013 11:12 pm
Forum: Canada / United States Tax & Accounting
Topic: Taking stab at 3520, -A for TFSA
Replies: 157
Views: 134871

[quote="CdnAmerican"]I had thought that you would enter this as Other Income on your 1040. As well, if these are mutual funds, then they should add up correctly on your 8621. As such, you'd be claiming the gain each year along the way. But I'd like others' input as well ..[/quote] I don't have a lot...
by Diskdoctor
Mon Feb 04, 2013 5:56 pm
Forum: Canada / United States Tax & Accounting
Topic: Taking stab at 3520, -A for TFSA
Replies: 157
Views: 134871

[quote="zad888"]Hi Diskdoctor, you mentioned about form 3520a line 19: Line 19 – Here we include a number which accounts for the change in value of contributions and income due to fluctuations in the average yearly exchange rate. This is necessary to balance the balance sheet. Did you include this...
by Diskdoctor
Mon Feb 04, 2013 5:52 pm
Forum: Canada / United States Tax & Accounting
Topic: Taking stab at 3520, -A for TFSA
Replies: 157
Views: 134871

[quote="graubart"]My reading of the instructions for 3520 and 3520-A (When and Where To File) is that the forms are sent only to Odgen and do not accompany the 1040. Does anyone see anywhere that says to include these with the 1040?[/quote] I have sent my 3520/3520As only to Ogden as well. Never att...
by Diskdoctor
Mon Apr 18, 2011 5:44 pm
Forum: Canada / United States Tax & Accounting
Topic: Taking stab at 3520, -A for TFSA
Replies: 157
Views: 134871

Baja_saf, You won't get any tax documents in Canada for RESPs since they are not taxable. Don't you receive regular financial statements from the provider? If you don't you should be able to ask them for the details you need. Don't forget values needed to be converted to USD. For capital gains you n...
by Diskdoctor
Wed Mar 23, 2011 10:12 pm
Forum: Canada / United States Tax & Accounting
Topic: 2555 "income earned in U.S. on business" clarifica
Replies: 2
Views: 2317

Thanks for the confirmation :)
by Diskdoctor
Fri Mar 18, 2011 3:17 pm
Forum: Canada / United States Tax & Accounting
Topic: Taking stab at 3520, -A for TFSA
Replies: 157
Views: 134871

Update on reporting a withdrawal on the 3520

Looking at the latest version of the 3520 I see that there is now a box on both line 29 and 30 labeled N/A. For a withdrawal by an owner/grantor I am going to take the approach that these are both N/A, fill out lines 24-30 and skip Schedules A,B,C. I will add a note in an attachment to explain my re...
by Diskdoctor
Thu Mar 17, 2011 12:25 pm
Forum: Canada / United States Tax & Accounting
Topic: 2555 "income earned in U.S. on business" clarifica
Replies: 2
Views: 2317

2555 "income earned in U.S. on business" clarifica

Form 2555EZ part III (same as 2555 part II line 14 or part III line 18) asks for the number of days I was in the U.S. on business. According to the instructions (see below) I understand that even though I'm payed by a Canadian company and live in Canada no matter the reason for going to the U.S. as ...
by Diskdoctor
Tue Mar 15, 2011 4:37 pm
Forum: Canada / United States Tax & Accounting
Topic: Taking stab at 3520, -A for TFSA
Replies: 157
Views: 134871

EIN

I came across a couple of references today that seem to indicate that the trust itself should have an EIN which you could apply for as an individual but I'm not sure it really improves the reporting situation. You're obviously best off if the financial institution can handle some of that. One refere...
by Diskdoctor
Fri Mar 11, 2011 5:50 pm
Forum: Canada / United States Tax & Accounting
Topic: Taking stab at 3520, -A for TFSA
Replies: 157
Views: 134871

<quote> <quote> Part III) I don't see how you can say this would never be used??? So what if you're the owner? When you take money out, that's a distribution, isn't it? </quote> That's a distribution, but it has no tax consequences for the owners, since they have been paying-as-they-go on the annual...
by Diskdoctor
Fri Mar 11, 2011 11:09 am
Forum: Canada / United States Tax & Accounting
Topic: Taking stab at 3520, -A for TFSA
Replies: 157
Views: 134871

[quote="animalchin"]For those filling out 3520-A for a TFSA, what are you putting under 2a-e, it says to attach "all" documents but my TFSAs never issued any such documents. Anyone in the same situation?[/quote]

I've just been attaching everything I have, which isn't much.