Search found 18244 matches

by nelsona
Sun Mar 03, 2024 7:30 pm
Forum: Canada / United States Tax & Accounting
Topic: Roth reporting
Replies: 6
Views: 233

Re: Roth reporting

yes they must be reported as pension income in order to determine your gross income (for HST, CCTB, clawback purposes). They are then deducted on your 25600 line as a treaty exempt income.
by nelsona
Fri Mar 01, 2024 1:43 pm
Forum: Canada / United States Tax & Accounting
Topic: Moving Canadian ETFs to an American Broker
Replies: 3
Views: 118

Re: Moving Canadian ETFs to an American Broker

It will not. They remain passive foreign investments.
by nelsona
Fri Mar 01, 2024 1:42 pm
Forum: Canada / United States Tax & Accounting
Topic: IRA to RRSP transfer
Replies: 33
Views: 44247

Re: IRA to RRSP transfer

Well, ta act won't let you file without it, and yes, if you do file by paper, you need to attach the 1042-S, because it has the withholding amount.

Where is your 1040-S. Should have received by now.
by nelsona
Wed Feb 28, 2024 3:07 pm
Forum: Canada / United States Tax & Accounting
Topic: federal surtax
Replies: 4
Views: 156

Re: federal surtax

Unless you are filing an elective return (217), you do not include pension income on the return, as it is not subject to graduated tax. It is flat taxed.
by nelsona
Sat Feb 24, 2024 7:03 pm
Forum: Canada / United States Tax & Accounting
Topic: Part XIII not deducted
Replies: 2
Views: 155

Re: Part XIII not deducted

By treaty, US residents do not have any Cdn tax obligation on interest, a no withholding was necessary.
by nelsona
Sat Feb 24, 2024 7:00 pm
Forum: Canada / United States Tax & Accounting
Topic: IRA distributions and tax witholding
Replies: 1
Views: 97

Re: IRA distributions and tax witholding

The entire gross amount, before taxes is considered income. The US tax is credited on your Cdn tax return.
by nelsona
Sat Feb 24, 2024 6:59 pm
Forum: Canada / United States Tax & Accounting
Topic: Can CDN resident just file full-year 1040 instead of dual-status return?
Replies: 8
Views: 342

Re: Can CDN resident just file full-year 1040 instead of dual-status return?

Better answer: You can file full year under the anti-discrimination clause.
by nelsona
Fri Feb 16, 2024 9:31 am
Forum: Canada / United States Tax & Accounting
Topic: Is HSA and US healthcare taxable income?
Replies: 3
Views: 175

Re: Is HSA and US healthcare taxable income?

Gross Income - HSA.

Your 401(k) contributions are handled by another form (RC268), and your medical premiums become part of your Medical expenses for the year.
by nelsona
Thu Feb 15, 2024 9:10 am
Forum: Canada / United States Tax & Accounting
Topic: IRA to RRSP transfer
Replies: 33
Views: 44247

Re: IRA to RRSP transfer

you can probably fill a 1042-s in their system. You want the withholding tax to go on the correct line as well.

It isn't 1099-R income in your case.
by nelsona
Thu Feb 15, 2024 12:22 am
Forum: Canada / United States Tax & Accounting
Topic: US citizen looking for advice on how to get assets out of Canada
Replies: 6
Views: 332

Re: US citizen looking for advice on how to get assets out of Canada

So, now that you have finally stated that she is US resident (never mentioned), we can make some progress here.... If the account is a simple investment account (not a pension), she can transfer the funds to any US brokerage. The US brokerage would initiate the transfer (she would need to ask if the...
by nelsona
Thu Feb 15, 2024 12:08 am
Forum: Canada / United States Tax & Accounting
Topic: IRA to RRSP transfer
Replies: 33
Views: 44247

Re: IRA to RRSP transfer

Its not miscellaneous income -- it's IRA income. Nothing else. Line 4a/4b on page 1, or line 7 of the NEC Schedule. Plus penalty from 1040 scheduke 2, reported on line 17 of 1040-NR.

If it doesn't put it there, it (or you) are not doing it right.
by nelsona
Wed Feb 14, 2024 2:37 pm
Forum: Canada / United States Tax & Accounting
Topic: Confusion on making a Section 217 election
Replies: 13
Views: 5152

Re: Confusion on making a Section 217 election

So NOWHERE in your thread (how about we just go back to that thread).
by nelsona
Wed Feb 14, 2024 12:06 pm
Forum: Canada / United States Tax & Accounting
Topic: Confusion on making a Section 217 election
Replies: 13
Views: 5152

Re: Confusion on making a Section 217 election

No, becuase she lives in canada and repoets all income.
by nelsona
Wed Feb 14, 2024 12:05 pm
Forum: Canada / United States Tax & Accounting
Topic: Is HSA and US healthcare taxable income?
Replies: 3
Views: 175

Re: Is HSA and US healthcare taxable income?

The contributions can be excluded from your gross wages, as they are in the US.
by nelsona
Wed Feb 14, 2024 12:02 pm
Forum: Canada / United States Tax & Accounting
Topic: Tax Filing Software
Replies: 6
Views: 413

Re: Tax Filing Software

Online