Serbinski Accounting Firms

Thanks! I will try to find old threads on that.

My husband made about 10K in income from writing he did for a US publisher in 2015. Now the tax is due, and it wiped out the 2K we usually get for Additional Child Tax Credit plus we owe $172. I understand part of this tax is for Social Security and Medicare? Is there a way not to pay that part sinc...

FATCA regulations meaning FBAR reporting?

Thanks! We are actually moving to the UK this summer. I know this is a forum for US-Canada, but do you know if the IRS will view a UK employer pension the same way?

How does the IRS view a foreign employer-sponsored pension? Is it protected from tax on gains and PFIC rules like the RRSP? Or is it viewed more like other foreign investments?

Got it.

Thank you for that. Yes, I was also wondering what difference it would make in terms of what we actually owe, after taking foreign tax credits for what we pay to the CRA. In the same way, will our excess foreign tax credits ever benefit us? But I think I'll just track both of our RRSPs, it doesn't t...

I was thinking about this further, certain RRSP contributions being considered deductible. Because we never claim any RRSP deductions from the IRS now, I don't think it would even change anything because we always owe $0. So it's almost like we don't ever benefit from certain contributions being ded...

Alright, well then I'll definitely be saving your example!

Thank you nelsona. I usually save these examples you give to my files for further reference.

But will the tax software be prompting me for these specific values as well?

Both of us are Americans and now have Canadian citizenship as well, which I assume doesn't matter for this. All of his RRSP contributions are through work. However, I have a spousal RRSP with all personal contributions so I guess that's the really important one to track. When we finally withdraw fro...

I've been tracking my husband's RRSP contributions (his and his employer's) as was recommended here several years ago. My understanding was that if we ever leave Canada, we should sell and then buy again our investments before we go to result in less tax later on. However, I vaguely remember nelsona...

Yes, I found it under retirement and pension plans eventually, if I recall correctly. It just wasn't searchable on the forms list as it used to be.

Thanks! I'll pass the info along.

Also, should she indicate somewhere that a rollover was made? Or is it fine for them just to think she has 2 RRSPs?