Search found 75 matches
- Fri Mar 11, 2011 5:50 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Taking stab at 3520, -A for TFSA
- Replies: 157
- Views: 217625
<quote> <quote> Part III) I don't see how you can say this would never be used??? So what if you're the owner? When you take money out, that's a distribution, isn't it? </quote> That's a distribution, but it has no tax consequences for the owners, since they have been paying-as-they-go on the annual...
- Fri Mar 11, 2011 11:09 am
- Forum: Canada / United States Tax & Accounting
- Topic: Taking stab at 3520, -A for TFSA
- Replies: 157
- Views: 217625
- Wed Mar 09, 2011 5:55 pm
- Forum: Canada / United States Tax & Accounting
- Topic: MFJ vs MFS U.S. Citizen with Canadian spouse
- Replies: 6
- Views: 4886
- Wed Mar 09, 2011 1:41 pm
- Forum: Canada / United States Tax & Accounting
- Topic: MFJ vs MFS U.S. Citizen with Canadian spouse
- Replies: 6
- Views: 4886
That's an interesting interpretation. According to pub. 519 the election stays into effect basically until you revoke it and once you revoke it you can't make the election again. They don't seem to leave any wiggle room. Now pub 519 is not the actual treaty but it is an official IRS document. from I...
- Wed Mar 09, 2011 12:54 pm
- Forum: Canada / United States Tax & Accounting
- Topic: MFJ vs MFS U.S. Citizen with Canadian spouse
- Replies: 6
- Views: 4886
MFJ vs MFS U.S. Citizen with Canadian spouse
My wife and I have been filing U.S. taxes MFJ since an accountant made the 6013(g) election for us the year we moved to the U.S. We have since returned to Canada. She is a U.S. citizen and I am not. I am trying to decide whether to revoke the election and switch to her filing MFS and wondering if I ...
- Sun Mar 06, 2011 10:04 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Canadian Employee Pension Plan and U.S. taxes
- Replies: 2
- Views: 2452
- Wed Mar 02, 2011 5:07 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Treatment of RESP for US Tax purposes
- Replies: 6
- Views: 9942
There is now a great thread here:
http://forums.serbinski.com/viewtopic.php?p=19169
giving some details for filling out the 3520/3520A.
http://forums.serbinski.com/viewtopic.php?p=19169
giving some details for filling out the 3520/3520A.
- Wed Mar 02, 2011 5:04 pm
- Forum: Canada / United States Tax & Accounting
- Topic: 3520/3520A for RESP transfer
- Replies: 0
- Views: 2604
3520/3520A for RESP transfer
In 2010 we transferred our RESPs to the grandparents who have no U.S. tax filing obligations in order to get away from these forms. Now I have to fill out the final 3520/3520A and I'm hoping to get some advice on how to report this transfer from others who may have gone through this previously. Anyb...
- Wed Mar 02, 2011 4:54 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Taking stab at 3520, -A for TFSA
- Replies: 157
- Views: 217625
RESP specific info:
If any of you have to fill out these forms for RESPs there is a further complication with the CESG. The approach I have taken is to claim it as income in the year in which it is received [putting it in "other income"] but not to claim ownership of it or of any income earned by the RESP [since unlike the trust corpus I personally couldn't actually withdraw that money]. So for 3520 Part II Line 23 & 3520-A Page 3 Line 9 “Gross value of the portion of the trust treated as owned by the U.S. owner†we have included on these lines only the value of our personal contributions to the trust. The total contributions in CAD were converted to USD using the average exchange rate during the tax year of the form.
If any of you have to fill out these forms for RESPs there is a further complication with the CESG. The approach I have taken is to claim it as income in the year in which it is received [putting it in "other income"] but not to claim ownership of it or of any income earned by the RESP [since unlike the trust corpus I personally couldn't actually withdraw that money]. So for 3520 Part II Line 23 & 3520-A Page 3 Line 9 “Gross value of the portion of the trust treated as owned by the U.S. owner†we have included on these lines only the value of our personal contributions to the trust. The total contributions in CAD were converted to USD using the average exchange rate during the tax year of the form.
- Wed Mar 02, 2011 4:50 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Taking stab at 3520, -A for TFSA
- Replies: 157
- Views: 217625
It's great to see some discussion about the nitty gritty of filling out these forms. Thanks hapless for the blow by blow! Last year I was totally overwhelmed facing these forms for our RESPs and ended up getting a tax accountant to fill the initial ones out for me so I could work off that. She was o...
- Wed Mar 02, 2011 3:55 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Taking stab at 3520, -A for TFSA
- Replies: 157
- Views: 217625
- Wed Mar 02, 2011 11:18 am
- Forum: Canada / United States Tax & Accounting
- Topic: Canadian Employee Pension Plan and U.S. taxes
- Replies: 2
- Views: 2452
Canadian Employee Pension Plan and U.S. taxes
My basic question is do Canadian Employee Pension Plans need to be reported when filing U.S. taxes and if so where/how? (I'm not referring to annuities or other payments received from plans but the plans themselves when you are still working) My situation is that I am a Canadian resident and I (and ...
- Wed Feb 23, 2011 1:27 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Treatment of RESP for US Tax purposes
- Replies: 6
- Views: 9942
- Wed Feb 23, 2011 12:57 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Treatment of RESP for US Tax purposes
- Replies: 6
- Views: 9942
First the caveat - I am not an expert
1) You should only have to fill out Part II of the 3520 and be able to skip Parts I, III, & IV.
2) It also baffles me as to why a Canadian financial institution would feel any compulsion to complete forms for U.S. taxes. I raised the question with both my RESP institutions and the answers ware, not surprisingly, no.
According to form 3520, Part II:
If “No,†to the best of your ability, complete and attach a substitute Form 3520-A for the foreign trust.
3) Here's how I handled this. If your only income in the RESP is interest, the amount (converted to USD of course) should appear on the following:
* 3520-A Part II line 1
* factored into 3520-A Part III line 18
* 3520-A page 3 2010 Statement of Foreign Trust Income Attributable to U.S. Owner line 1a
* Schedule B, part I, line 1
* 1040, line 8a
Good luck!
1) You should only have to fill out Part II of the 3520 and be able to skip Parts I, III, & IV.
2) It also baffles me as to why a Canadian financial institution would feel any compulsion to complete forms for U.S. taxes. I raised the question with both my RESP institutions and the answers ware, not surprisingly, no.
According to form 3520, Part II:
If “No,†to the best of your ability, complete and attach a substitute Form 3520-A for the foreign trust.
3) Here's how I handled this. If your only income in the RESP is interest, the amount (converted to USD of course) should appear on the following:
* 3520-A Part II line 1
* factored into 3520-A Part III line 18
* 3520-A page 3 2010 Statement of Foreign Trust Income Attributable to U.S. Owner line 1a
* Schedule B, part I, line 1
* 1040, line 8a
Good luck!
- Mon Nov 08, 2010 6:26 pm
- Forum: Canada / United States Tax & Accounting
- Topic: RESPs and US taxes
- Replies: 39
- Views: 29486