Serbinski Accounting Firms

I've been filling 1040NR XXV(2)

If I were to file a normal 1040, I would have file FBAR etc correct? This has not changed?

I have a spreadsheet that calculates my Cnd/US 1040/US 1040NR so I can easily play with the numbers and see what the best outcome is. With the new tax changes its pretty much a wash, no real difference from 2017. If I do get the $500 credit per dependent that does increase my take home a bit which m...

I never claimed child tax credit since it appeared I could not since my kids were Cdn and non-residents.

I did and do however claim them as dependents for personal exemptions

Just to be clear I'm referring to personal exemptions ($4050 per exemption)

I'm reading that the exemptions on 1040 have been replaced with a $500 tax credit per dependent. Do we know if this will also be on the 1040NR?

Has there been any word on how this could effect 1040NR filers? By my calculations my taxes will go up about $2500, I hope I'm wrong

Your correct even with the penalty its still lower than Cnd tax but I found that the lower my USA tax (in retirement) the more I can split with my wife (using spousal RRSP) and lower our total tax further

I wasn't implying you didn't know, I was offering my numbers.

I stopped 401k contributions. My intention is to retire early (50) and I cant stomach the penalty for early withdrawals.

I do XXV(2).

Having 2 dependents lowers my USA tax by about $2k allowing me to add an addition $6k to my RRSP

I can give more detail if ya like

Lowering my USA tax allows me to invest more into RRSPs

I'm getting mixed information from the idiots at the IRS. After spending almost 5 months trying to renew my kids ITINs I need to start over from scratch. One agent told me to include the applications with my 2016 tax return (1040NR) but mail it to the ITIN department in Austin and they would process...

I wasn't aware of this, thanks

Oct/2016 - Received a letter from IRS stating that my wife and 3 kids ITINs are expiring even though I’ve used them every year for the last 17 years. Kids have no passports so after weighing costs decide to get youngest his driver’s license so we could use as ID for W7 application (other kids al...

Thank you for the reply's. I was completely wrong in what I thought I could do with a 401k. I plan on retiring before age 55. So if I'm understanding correctly now I have to wait until I leave my job then rollover into an IRA. If I then setup automatic annual withdraws the tax rate should be 15% + 1...

I'm not looking at moving the 401k but withdrawing all of it. I'm not aware of anything preventing me from doing that.