Search found 21 matches

by MikeRitchie
Sun Feb 08, 2015 4:42 pm
Forum: Canada / United States Tax & Accounting
Topic: Just found out - am I bankrupt now?
Replies: 53
Views: 14237

"I also remember an Obama program from ?2009? which gave a similar credit; I think it's goal was to stimulate the economy after the stock market crash. Anyway, these typically do not offset the headache, but they are some small benefits." Please don't give Obama any credit for this. It was the Bush ...
by MikeRitchie
Mon Sep 08, 2014 5:39 pm
Forum: Canada / United States Tax & Accounting
Topic: dual citizen living in Canada, question re: marriage
Replies: 17
Views: 6526

Thanks guys! Aprpreciate the responses.

I'd love to hear the results of claiming NIIT as a Medicare tax. Certainly seems to me that it should be considered an income tax subject to FTC, or a Medicare tax subject to exemption. But then, not everything makes sense.
by MikeRitchie
Wed Sep 03, 2014 2:57 pm
Forum: Canada / United States Tax & Accounting
Topic: dual citizen living in Canada, question re: marriage
Replies: 17
Views: 6526

I am a dual citizen living in Canada and considering getting married to a Canadian citizen. Tax implications shouldn't be the driver of a decision like this, but I want to know what are the implications? To the best of my knowledge, there are lower income thresholds for MFS than single, but likely U...
by MikeRitchie
Sat Mar 29, 2014 4:02 pm
Forum: Canada / United States Tax & Accounting
Topic: RPP, 8891, US tax
Replies: 5
Views: 1847

I just started an employer-sponsered DB RPP (with optional employee contributions).

Nelsona, your response seems to imply that my contributions to a RPP would reduce my income for US tax purposes. Is that correct? Would I just reduce my Line 7 income by that amount?
by MikeRitchie
Tue Jun 12, 2012 7:31 pm
Forum: Canada / United States Tax & Accounting
Topic: Help - IRS letter indicating penalty for late 3520
Replies: 107
Views: 60981

I just received a similar letter asking for an explanation of late posting (sent in 3520 & 3520A for 2009 & 2010 TFSA last fall without an explanation letter). There was no mention of assessing a penalty, just that an explanation was required but would not ensure waiver of a penalty. There is a phon...
by MikeRitchie
Wed Feb 22, 2012 7:06 pm
Forum: Canada / United States Tax & Accounting
Topic: Taxes for US Citizens in Canada - quick reference guide
Replies: 6
Views: 4089

Very helpful. I have another question: on my US source dividends, my broker already withholds 15% as a US tax payment. Do I put this on line 62 of my 1040 (Federal income tax withheld)? Does it matter if I don't receive a 1099?