Search found 73 matches

by DonMurphyCanada
Tue Mar 18, 2014 5:55 pm
Forum: Canada / United States Tax & Accounting
Topic: Tax software for expatriates
Replies: 14
Views: 9685

Yes. I am all filed as of today too. Used TaxAct. Was very impressed.
by DonMurphyCanada
Sat Mar 15, 2014 8:09 pm
Forum: Canada / United States Tax & Accounting
Topic: Algorithm for doing a 3520-3520A in 2nd year and beyond
Replies: 28
Views: 27311

I have a question about the amounts to place on the 1030 from the 3520A. (Wife is filing a her US taxes - USC living in Canada since 2010 and we have a joint RESP - doh) Assuming I have the following 3 values on 3520-A for the RESP: Page 2 - Part 2 - Line 1 - Interest (Calculated 2013 RESP interest)...
by DonMurphyCanada
Wed Mar 12, 2014 11:59 pm
Forum: Canada / United States Tax & Accounting
Topic: Report joint RESP on 3520,3520A
Replies: 5
Views: 4350

What forms need to be filed if I ask my financial institution to have my wife taken off of our RESP? She is a USC living in Canada (PR) . Really this was a bone headed move on our part. There is no advantage to having her listed on the account.

Don
by DonMurphyCanada
Wed Mar 12, 2014 11:52 pm
Forum: Canada / United States Tax & Accounting
Topic: Tax software for expatriates
Replies: 14
Views: 9685

Tax software for expatriates

Hello, I saw a post where Nelsona had asked us to please use tax software. I have been manually entering numbers on forms and doing the calculations myself. I like the idea of software. So I ask you, what US tax software is working well for you folks that includes the forms we need (1040, 1116, 3250...
by DonMurphyCanada
Mon Mar 10, 2014 10:33 am
Forum: Canada / United States Tax & Accounting
Topic: RESP joint account
Replies: 3
Views: 2800

As an added piece of information the total value of the RESP is $6000 CAN dollars after all these years.
by DonMurphyCanada
Mon Mar 10, 2014 10:30 am
Forum: Canada / United States Tax & Accounting
Topic: RESP joint account
Replies: 3
Views: 2800

RESP joint account

I am a Canadian citizen who married a US citizen living in Canada as a permanent resident. We took out a RESP about 6 years ago and have now just discovered the reporting requirements of 3520-A, 3520 etc etc. You know the story ;) Question 1 --> Because both of our names are on the RESP is there a w...
by DonMurphyCanada
Sat Mar 08, 2014 11:07 am
Forum: Canada / United States Tax & Accounting
Topic: Off for the rest of the tax season
Replies: 4
Views: 2933

Yes thanks for the information!
by DonMurphyCanada
Fri Mar 07, 2014 7:39 pm
Forum: Canada / United States Tax & Accounting
Topic: 401K disbursement
Replies: 10
Views: 5329

The reason why I was asking is because I thought there was some agreement in place to cash the 401K's in in the US and roll them over to a Canadian RRSP with little or no penalty. You've made it pretty clear that that is not the case. Thanks.
by DonMurphyCanada
Fri Mar 07, 2014 2:56 pm
Forum: Canada / United States Tax & Accounting
Topic: 401K disbursement
Replies: 10
Views: 5329

Given the same situation above, is there a way for me to transfer the total amount of 401K to a RRSP? Is this covered in a tax treaty? Would it be subject to 10% penalty? US taxes?

Thanks
by DonMurphyCanada
Mon Mar 03, 2014 11:07 am
Forum: Canada / United States Tax & Accounting
Topic: 401K disbursement
Replies: 10
Views: 5329

Ahh ok I was not aware of that. What I am really trying to figure out is what is the tax I will have to pay on the 401K's if I die before 59.5 If US taxes at 15% wouldn't Canada consider that income as that in where I resede. So on the 401K of $150,000 wouldn't I pay: 15% US federal tax to the US go...
by DonMurphyCanada
Sun Mar 02, 2014 9:50 pm
Forum: Canada / United States Tax & Accounting
Topic: 401K disbursement
Replies: 10
Views: 5329

Actually married filing separately show 39.5 % tax is owing (2013)http://en.wikipedia.org/wiki/Income_tax ... ted_States
by DonMurphyCanada
Sun Mar 02, 2014 9:38 pm
Forum: Canada / United States Tax & Accounting
Topic: 401K disbursement
Replies: 10
Views: 5329

Thanks for the reply. I am not paying taxes now but I am in the planning stages. 15% it is. I understand the answer to question 1 (15%) but in question 2 both spouses die before 59.5. That would mean federal tax is due on $300000 which I believe is 29% isn't it? What would the US inheritance tax be ...
by DonMurphyCanada
Sun Mar 02, 2014 12:48 am
Forum: Canada / United States Tax & Accounting
Topic: 401K disbursement
Replies: 10
Views: 5329

401K disbursement

I am a Canadian and I married a US citizen about 25 years ago. We lived/worked in California where we both contributed for arguments sake $150000 each in 401K’s. We moved back to Canada (I gave up my Greencard she is still a citizen) about 14 years ago and am now wondering about 401K disbursements...