Serbinski Accounting Firms

I worked it out on the comp sheet in the Publication.
I understand the mechanics now at this point.


Thanks again!

I am sorry but now I am more confused. I am a novice at this so I apologize. This is how I understand how to amend. I will now prepare a 1116 for the wages and interest form US sources. The Form 1116 Line 1a will report 8,000 for the resourced income. My Gross income from all sources on the 1040 is ...

Thanks for responding. Sorry if I was confusing the matter. I paid around $400 Canadian tax on the 7K wage reported on the Canadian return. I paid around $1,000 of US tax on the 7K I reported on my 1040. I was hoping that I could somehow reduce the US tax to eliminate the 1,000 paid but as you said,...

Thanks Nelsona. I need to decide whether to amend or not. I reported the 7k wages on the US return. The US return also had income earned prior to landing in Sept 2014 so the tax on it is higher than the tax resulting on the Canadian return. The US tax on the 7K is around 1K. The tax on the Canadian ...

Hi all- I may have to amend my US and Canadian tax returns. I was a Canadian Resident beginning Sept 2014 and earned around 7,000 working in the US while I was a resident. I also earned a little interest income during my initial three months of residence. I did not realize that the 7K I earned shoul...

Hi everyone- I am struggling to calculate the foreign taxes paid amount for the 1116. My T1 return and spouse is simple this year with only two components-wages and interest income. The amounts are for part of the year we were residents. In general the total interest for my return and spouse is 1,70...

Thanks again. Yes, my marginal rate on the US return may get to the 25% bracket for 2015. I may decide to take a large lump sum distribution from my IRA if the exchange rate gets to 1.3-1.4. I will pay the tax and them move the money into a Canadian bank account. I will not think of doing this if th...

Thanks for the response Nelsona. I am just starting to get familiar with the treaty and how it works. I am surprised that the answer is I am taxed at a top rate of 15% on the US return on the IRA distribution. I thought the saving clause would apply and the usual rates would apply. As you said, I pr...

US citizen living in Canada as a PR. I hope this is an easy question...... I will be withdrawing appox. 50K from my US IRA this year and I am trying to project the tax. The distributions if I am correct are treated as follows- Fully reported on both US 1040 and Cdn T1. Cdn tax is reduced via the FTC...

Thank you very much. I was correct in that there is no FTC on the T1 for the US tax paid on Canadian and US interest income but I was wrong regarding the legal reason why as you have pointed out. I just need to figure out how the "resourced by treaty" part of the US FTC works. For the sake...

Great forum. I am excited I found it. I am a US Citizen and hold a PR Card in Canada. I figured I would be daring and prepare my US 1040 and T1. I became a resident in Sept 2014. I have US interest income and some Canadian interest income earned after I became a PR. My wife has some earnings from em...