Search found 107 matches

by Frankd1
Mon Apr 15, 2013 3:47 pm
Forum: Canada / United States Tax & Accounting
Topic: Unused FTC credits from 2011 and form 1116
Replies: 8
Views: 5227

Thank you nelsona! What I will do then is make note of the unused credits from 2012 and enter them into their own separate column of the carryover statement/worksheet - next to the 2011 unused credits column, and keep track of them that way....If we ever need to take advantage of the unused credits,...
by Frankd1
Mon Apr 15, 2013 3:20 pm
Forum: Canada / United States Tax & Accounting
Topic: Turbotax and 8891
Replies: 19
Views: 11223

I'm trying TaxAct for the first time and I used the download version - it cost $12.95 for the deluxe version.
It seems good so far!
by Frankd1
Sun Apr 14, 2013 1:29 pm
Forum: Canada / United States Tax & Accounting
Topic: Unused FTC credits from 2011 and form 1116
Replies: 8
Views: 5227

Unused FTC credits from 2011 and form 1116

I decided on TaxAct software (download version) to file my wife’s IRS return for 2012 (USC in Canada as a PR). So far everything is going well but I am curious about line 10 – carryback or carryover on form 1116 for 2012...TaxAct is asking about carryover.. 2011 return was prepared by a CPA, thi...
by Frankd1
Tue Apr 09, 2013 7:55 pm
Forum: Canada / United States Tax & Accounting
Topic: Does a DB pension buyback generate additional IRS forms?
Replies: 3
Views: 2904

Thank you nelsona! I would imagine that in addition to having that extra pension amount from the buyback at her time of retirement, there will likely be the benefit of lowering her tax bracket in Canada each year (for the next 5 years) simply by making the monthly payments to buy this portion of the...
by Frankd1
Tue Apr 09, 2013 6:39 pm
Forum: Canada / United States Tax & Accounting
Topic: Does a DB pension buyback generate additional IRS forms?
Replies: 3
Views: 2904

Does a DB pension buyback generate additional IRS forms?

This is for my wife: a USC in Canada as a PR. She is a teacher in Ontario and has a defined benefit pension which she contributes to through payroll. Because it is DB she has no control over how or where the money is invested.... Since May 2012 she has been on maternity leave and collecting EI. Her ...
by Frankd1
Sun Apr 07, 2013 8:07 pm
Forum: Canada / United States Tax & Accounting
Topic: Question regarding T4, T4E and form 1040
Replies: 19
Views: 17502

ND, as nelsona mentioned she files using f1116 in order to obtain the additional child tax credit, so no f2555. The income amounts will be filled out in their respective lines on the 1040: wages, interest, EI, UCCB etc, and then one f1116 will be used for gen limit income which covers wages, EI and ...
by Frankd1
Thu Feb 21, 2013 7:06 pm
Forum: Canada / United States Tax & Accounting
Topic: Question regarding T4, T4E and form 1040
Replies: 19
Views: 17502

I am looking into turbo tax and tax act as we speak! Those two seem to be recommended the most.
I did read your previous answer again and it did answer my question, thank you!
by Frankd1
Thu Feb 21, 2013 6:33 pm
Forum: Canada / United States Tax & Accounting
Topic: Question regarding T4, T4E and form 1040
Replies: 19
Views: 17502

Hmmmm, the more I think about it, I don't know that I need to fill out any carryover amounts on line 10 UNLESS it was a situation where not enough tax was paid in Canada to offset the tax required from IRS...
by Frankd1
Thu Feb 21, 2013 6:28 pm
Forum: Canada / United States Tax & Accounting
Topic: Question regarding T4, T4E and form 1040
Replies: 19
Views: 17502

Thanks nelsona! The only thing is that I didn't use software, I did it via paper and pencil, lol! I did show everything to the CPA and they confirmed that it was done correctly by using whatever software they have. I thought this year I would do it completely on my own though. I can look into softwa...
by Frankd1
Thu Feb 21, 2013 12:53 pm
Forum: Canada / United States Tax & Accounting
Topic: Question regarding T4, T4E and form 1040
Replies: 19
Views: 17502

Another question re f1116.... 2012 is the second year I am using f1116 to file my wife's IRS return, 2011 was the first. 2011 I filed two 1116's, one for gen limit and one for passive limit, they each had unused foreign tax credits: General limit f1116 line 14 - total amount of foreign taxes avail: ...
by Frankd1
Thu Jan 24, 2013 9:03 pm
Forum: Canada / United States Tax & Accounting
Topic: Question regarding T4, T4E and form 1040
Replies: 19
Views: 17502

Thank you!
by Frankd1
Wed Jan 23, 2013 4:46 pm
Forum: Canada / United States Tax & Accounting
Topic: Question regarding T4, T4E and form 1040
Replies: 19
Views: 17502

Thanks for the clarification nelsona! This leads me to my next question regarding form 1116: With T4 and T4E being considered both as general income, is it acceptable to use one f1116 with the T4 and T4E income grouped together, or, do I need separate f1116's? Where would the $1200 universal child c...
by Frankd1
Tue Jan 22, 2013 7:15 pm
Forum: Canada / United States Tax & Accounting
Topic: Question regarding T4, T4E and form 1040
Replies: 19
Views: 17502

Question regarding T4, T4E and form 1040

I am gearing up to start preparing my wife’s IRS return for 2012 – at least mentally, and I have a couple of questions regarding the T4, T4E and form 1040. First, my wife is a US Citizen and PR of Canada, I am Canadian only and our two children are dual US/CAN Citizens with US SSN’s. My wife w...
by Frankd1
Sat Dec 08, 2012 9:57 pm
Forum: Canada / United States Tax & Accounting
Topic: Question re savings account for child and IRS filing
Replies: 4
Views: 2502

Thanks nelsona!
by Frankd1
Fri Dec 07, 2012 9:39 pm
Forum: Canada / United States Tax & Accounting
Topic: Question re savings account for child and IRS filing
Replies: 4
Views: 2502

Thanks for the quick reply! I just got off the phone with the banking officer who set these up and she confirmed that they are not trusts but rather "everyday savings accounts". The monies that would be in the accounts belong to my wife and I as we are the account holders, and the money ca...