Search found 245 matches
- Tue Aug 13, 2019 5:40 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Case Studies: Social Security, WEP, and CPP
- Replies: 27
- Views: 29702
Re: Case Studies: Social Security, WEP, and CPP
Thanks again exPenn! that is good to know about SS benefits if you have between 1.5 and 10 years of credits. That's the boat we are in; I have > 10 years, but my wife has less. If hers would not be subject to WEP, then going that route might actually be better for us. YHou mentioned that technically...
- Mon Aug 12, 2019 7:21 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Penalty for Form 3520 for TFSA
- Replies: 13
- Views: 10295
Re: Penalty for Form 3520 for TFSA
Congratuations aed11! That kind of mirrors my experience as well, except that for me the agent was indeed able to abate them over the phone, with paperwork gradually following over the next 6 weeks or so. I still have not heard of anyone on this forum who had an actual $10K fine which was enforced, ...
- Mon Aug 12, 2019 7:19 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Case Studies: Social Security, WEP, and CPP
- Replies: 27
- Views: 29702
Re: Case Studies: Social Security, WEP, and CPP
exPenn - Thanks for this really useful analysis! I had misinterpreted the statement about half of the pension; I thought SSA was referring to have of my Social Security, rather than half of my CPP. That's very helpful. I have a couple of lingering questions: 1) I had heard that Cdn earnings could be...
- Mon Jul 22, 2019 10:32 pm
- Forum: Canada / United States Tax & Accounting
- Topic: IRS assessment of different types of RESP holdings
- Replies: 5
- Views: 3226
Re: IRS assessment of different types of RESP holdings
Just trying a bump for this post … do I have this right?
- Mon Jul 01, 2019 12:02 pm
- Forum: Canada / United States Tax & Accounting
- Topic: IRS assessment of different types of RESP holdings
- Replies: 5
- Views: 3226
IRS assessment of different types of RESP holdings
Hi all - I wanted to clarify how different kinds of holdings in my RESP are treated for IRS purposes. I'm a USC living in Canada with an RESP. Basically, I want to ask if I'm managing these 3 holdings correctly: 1) Canadian Mutual Funds - I am claiming gains/losses in these yearly with an 8621, Mark...
- Fri Jun 28, 2019 10:51 am
- Forum: Canada / United States Tax & Accounting
- Topic: Handling exchange rate within RESP
- Replies: 0
- Views: 8127
Handling exchange rate within RESP
Hi all - I'm a US citizen living in Canada. I have an RESP with mutual funds and cash. If it has C$20K in MF's and C$10K in cash, I know I deal with the MF's using the 8621 (mark-to-market), and I understand how to do that. But, I'm curious about how to deal with the cash; if it was C$10K throughout...
- Thu Jun 13, 2019 11:11 pm
- Forum: Canada / United States Tax & Accounting
- Topic: First US Tax Return for Dual Citizen NonResident Child
- Replies: 1
- Views: 1660
Re: First US Tax Return for Dual Citizen NonResident Child
Stewak2 - That sounds reasonable enough. I don't think he'd need to file any US forms until meeting that income threshold, whether in Canada or the US. Good luck!
- Wed Apr 10, 2019 1:10 am
- Forum: Canada / United States Tax & Accounting
- Topic: IRS asking for a Form 1041 incorrectly
- Replies: 9
- Views: 6888
Re: IRS asking for a Form 1041 incorrectly
Thanks again DrJFM! These are always the first forms I complete as they have the earliest deadline and the nastiest fine. I finished them this year in February. I wish I had not asked for the TIN, but I've got it now and I will assume that they will not require a 1041 next year; if they do, I will r...
- Wed Apr 10, 2019 1:06 am
- Forum: Canada / United States Tax & Accounting
- Topic: 3520 - Accounting for merger of trusts
- Replies: 2
- Views: 1897
Re: 3520 - Accounting for merger of trusts
Thanks DrJFM - It was good to see that your arithmetic seems the same as mine. It always feels backwards to me, but it seems to have worked. I have largely taken your approach, but I didn't attach the bank statements as my theory is that more information will just confuse them. I'm not sure whose is...
- Wed Apr 10, 2019 1:03 am
- Forum: Canada / United States Tax & Accounting
- Topic: Penalty for Form 3520 for TFSA
- Replies: 13
- Views: 10295
Re: Penalty for Form 3520 for TFSA
Hi aed11 - I'm sorry you are having this experience. I don't have any specific advice, but there are a number of threads on here which deal with people who have had such a penalty assessed. I believe that in all the ones I've seen (including one of my own), the penalty was fully abated, once the fil...
- Thu Mar 28, 2019 2:17 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Simple 8621 questions
- Replies: 1
- Views: 1193
Re: Simple 8621 questions
A little further info … I guess I'm still unclear after reading the instructions for the form; I am not sure if the form is required if I held the fund at any time during the year, or if it's only needed if it's owned at the end of the year. I found some other posts (MGeorge) that were close to this...
- Wed Mar 27, 2019 8:03 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Simple 8621 questions
- Replies: 1
- Views: 1193
Simple 8621 questions
I am a USC in Canada. I held a mutual fund in my RESP because I planned badly. I have used mark-to-market on the 8621 form every year since I have held this fund. I finally sold it during 2018. a) Do I need to file an 8621 for it for 2018? b) Do I claim this as a capital gain (loss), based on my fai...
- Thu Feb 28, 2019 12:10 am
- Forum: Canada / United States Tax & Accounting
- Topic: Taking stab at 3520, -A for TFSA
- Replies: 157
- Views: 216721
Re: Taking stab at 3520, -A for TFSA
I got the EIN for the trust itself. If you don't have an SSN, I think you would apply for one for yourself as well, but that's just a guess..
- Tue Feb 26, 2019 2:49 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Taking stab at 3520, -A for TFSA
- Replies: 157
- Views: 216721
Re: Taking stab at 3520, -A for TFSA
Hi eriquee - To get the EIN, you have to contact the IRS directly. I am not sure if you can do it all on line, or if you have to call them. But it is not too hard, and it's free. I did mine over the phone to get it immediately, and it took maybe 30 minutes. Good luck!
- Sat Feb 16, 2019 2:45 pm
- Forum: Canada / United States Tax & Accounting
- Topic: 3520 - Accounting for merger of trusts
- Replies: 2
- Views: 1897
3520 - Accounting for merger of trusts
I am a USC in Canada. I had two separate RESP accounts which I have merged into a new account. I treat these as trusts, so I'm completing my 3520 and 3520-A forms. On the 3520 for the new account, I am indicating a gratuitous transfer on the day the funds entered this account. This resulted in zeroi...