Search found 73 matches

by Diskdoctor
Wed Mar 09, 2011 5:55 pm
Forum: Canada / United States Tax & Accounting
Topic: MFJ vs MFS U.S. Citizen with Canadian spouse
Replies: 6
Views: 2704

I assume you mean there is some part of a Canada-U.S. tax treaty that allows me to file U.S. taxes separate from 6013(g)?
by Diskdoctor
Wed Mar 09, 2011 1:41 pm
Forum: Canada / United States Tax & Accounting
Topic: MFJ vs MFS U.S. Citizen with Canadian spouse
Replies: 6
Views: 2704

That's an interesting interpretation. According to pub. 519 the election stays into effect basically until you revoke it and once you revoke it you can't make the election again. They don't seem to leave any wiggle room. Now pub 519 is not the actual treaty but it is an official IRS document. from I...
by Diskdoctor
Wed Mar 09, 2011 12:54 pm
Forum: Canada / United States Tax & Accounting
Topic: MFJ vs MFS U.S. Citizen with Canadian spouse
Replies: 6
Views: 2704

MFJ vs MFS U.S. Citizen with Canadian spouse

My wife and I have been filing U.S. taxes MFJ since an accountant made the 6013(g) election for us the year we moved to the U.S. We have since returned to Canada. She is a U.S. citizen and I am not. I am trying to decide whether to revoke the election and switch to her filing MFS and wondering if I ...
by Diskdoctor
Sun Mar 06, 2011 10:04 pm
Forum: Canada / United States Tax & Accounting
Topic: Canadian Employee Pension Plan and U.S. taxes
Replies: 2
Views: 1497

Good to know. Thanks!
by Diskdoctor
Wed Mar 02, 2011 5:07 pm
Forum: Canada / United States Tax & Accounting
Topic: Treatment of RESP for US Tax purposes
Replies: 6
Views: 7924

There is now a great thread here:
http://forums.serbinski.com/viewtopic.php?p=19169
giving some details for filling out the 3520/3520A.
by Diskdoctor
Wed Mar 02, 2011 5:04 pm
Forum: Canada / United States Tax & Accounting
Topic: 3520/3520A for RESP transfer
Replies: 0
Views: 1573

3520/3520A for RESP transfer

In 2010 we transferred our RESPs to the grandparents who have no U.S. tax filing obligations in order to get away from these forms. Now I have to fill out the final 3520/3520A and I'm hoping to get some advice on how to report this transfer from others who may have gone through this previously. Anyb...
by Diskdoctor
Wed Mar 02, 2011 4:54 pm
Forum: Canada / United States Tax & Accounting
Topic: Taking stab at 3520, -A for TFSA
Replies: 157
Views: 134872

RESP specific info:
If any of you have to fill out these forms for RESPs there is a further complication with the CESG. The approach I have taken is to claim it as income in the year in which it is received [putting it in "other income"] but not to claim ownership of it or of any income earned by the RESP [since unlike the trust corpus I personally couldn't actually withdraw that money]. So for 3520 Part II Line 23 & 3520-A Page 3 Line 9 “Gross value of the portion of the trust treated as owned by the U.S. ownerâ€￾ we have included on these lines only the value of our personal contributions to the trust. The total contributions in CAD were converted to USD using the average exchange rate during the tax year of the form.
by Diskdoctor
Wed Mar 02, 2011 4:50 pm
Forum: Canada / United States Tax & Accounting
Topic: Taking stab at 3520, -A for TFSA
Replies: 157
Views: 134872

It's great to see some discussion about the nitty gritty of filling out these forms. Thanks hapless for the blow by blow! Last year I was totally overwhelmed facing these forms for our RESPs and ended up getting a tax accountant to fill the initial ones out for me so I could work off that. She was o...
by Diskdoctor
Wed Mar 02, 2011 3:55 pm
Forum: Canada / United States Tax & Accounting
Topic: Taking stab at 3520, -A for TFSA
Replies: 157
Views: 134872

[quote="zad886"]Now here are my questions-- 1) Do I fill out a separate 3520/3520a for each account [savings and GIC] even if it was just a transfer of the same funds in the same year? 2) Is this transfer considered a distribution? Do I fill out Part III of the form? 3) How do I treat the interest e...
by Diskdoctor
Wed Mar 02, 2011 11:18 am
Forum: Canada / United States Tax & Accounting
Topic: Canadian Employee Pension Plan and U.S. taxes
Replies: 2
Views: 1497

Canadian Employee Pension Plan and U.S. taxes

My basic question is do Canadian Employee Pension Plans need to be reported when filing U.S. taxes and if so where/how? (I'm not referring to annuities or other payments received from plans but the plans themselves when you are still working) My situation is that I am a Canadian resident and I (and ...
by Diskdoctor
Wed Feb 23, 2011 1:27 pm
Forum: Canada / United States Tax & Accounting
Topic: Treatment of RESP for US Tax purposes
Replies: 6
Views: 7924

[quote="cdninca"]So I am assuming that for 3520 A, the financial details of the trust are not necessary to report? Should I use the annual financial statement received from the trust to fill some of the information? Did you receive any feedback from IRS regarding the filing? [/quote] I'm not sure wh...
by Diskdoctor
Wed Feb 23, 2011 12:57 pm
Forum: Canada / United States Tax & Accounting
Topic: Treatment of RESP for US Tax purposes
Replies: 6
Views: 7924

First the caveat - I am not an expert

1) You should only have to fill out Part II of the 3520 and be able to skip Parts I, III, & IV.

2) It also baffles me as to why a Canadian financial institution would feel any compulsion to complete forms for U.S. taxes. I raised the question with both my RESP institutions and the answers ware, not surprisingly, no.
According to form 3520, Part II:
If “No,â€￾ to the best of your ability, complete and attach a substitute Form 3520-A for the foreign trust.

3) Here's how I handled this. If your only income in the RESP is interest, the amount (converted to USD of course) should appear on the following:
* 3520-A Part II line 1
* factored into 3520-A Part III line 18
* 3520-A page 3 2010 Statement of Foreign Trust Income Attributable to U.S. Owner line 1a
* Schedule B, part I, line 1
* 1040, line 8a

Good luck!
by Diskdoctor
Mon Nov 08, 2010 6:26 pm
Forum: Canada / United States Tax & Accounting
Topic: RESPs and US taxes
Replies: 39
Views: 18411

[quote="nelsona"]This has recently expanded to the spouse of a 1040_filer even. [/quote]

I believe you've alluded to this before but I'm curious to know the source. In the instructions for the 3520 there is no indication that the spouse of a U.S. person is required to submit the form.
by Diskdoctor
Wed Jul 14, 2010 2:56 pm
Forum: Canada / United States Tax & Accounting
Topic: Emptying out an RRSP for the Home Buyers' Plan
Replies: 11
Views: 4480

Sorry for all the posts. Should I mention the deferred (taxable) income in the form 8833 position or treat that completely separately?
by Diskdoctor
Wed Jul 14, 2010 2:43 pm
Forum: Canada / United States Tax & Accounting
Topic: Emptying out an RRSP for the Home Buyers' Plan
Replies: 11
Views: 4480

I guess the relevant paragraph is paragraph 1? This is considered a pension payment?