Search found 105 matches
- Wed Apr 11, 2012 4:49 pm
- Forum: Canada / United States Tax & Accounting
- Topic: US tax filing extension -- no response yet
- Replies: 10
- Views: 5955
Can I get in trouble submitting a 2nd 4868 extension request
I would really like to hear someone's opinion. The question is whether I can redundantly apply online for an extension (I have already applied by post-office-confirmed-received mail) but have received no response from the IRS: will I get in trouble for effectively now submitting two 4868 forms (per ...
- Tue Apr 10, 2012 11:10 pm
- Forum: Canada / United States Tax & Accounting
- Topic: US tax filing extension -- no response yet
- Replies: 10
- Views: 5955
US tax filing extension -- no response yet
I mailed form 4868 (Extension of Time to File), and I have online confirmation that it was received March 23 (I sent it by expresspost).
But as of yet I have received no response from the IRS confirming the extension.
Should I re-file form 4868 online?
But as of yet I have received no response from the IRS confirming the extension.
Should I re-file form 4868 online?
- Tue Apr 10, 2012 11:01 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Foreign Universal Life Insurance
- Replies: 9
- Views: 6437
- Tue Apr 10, 2012 10:29 pm
- Forum: Canada / United States Tax & Accounting
- Topic: US Citizen in Canada - Rolling defined pension to RRSP
- Replies: 8
- Views: 4594
- Mon Apr 09, 2012 6:13 pm
- Forum: Canada / United States Tax & Accounting
- Topic: US Citizen in Canada - Rolling defined pension to RRSP
- Replies: 8
- Views: 4594
- Sun Apr 08, 2012 12:02 am
- Forum: Canada / United States Tax & Accounting
- Topic: Form 8621
- Replies: 10
- Views: 8394
@DougF: (a) I thought that to use mark-to-market, your Cdn mutual fund corporations had to each send you written information satisfying specific U.S. IRS requirements. Did you actually receive such information? (b) Since Cdn mutual funds have only recently become PFICs, and since they are governed u...
- Sat Apr 07, 2012 11:47 pm
- Forum: Canada / United States Tax & Accounting
- Topic: US Citizen in Canada - Rolling defined pension to RRSP
- Replies: 8
- Views: 4594
- Sat Apr 07, 2012 11:37 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Sec 1298(f): form 8621 suspended?
- Replies: 4
- Views: 4583
@jenfin re point (a): a Private Foreign Investment Corporation is a corporation. Canadian mutual funds were not corporations in U.S. eyes until a court judgment in 2010. So they are now corporations and thus PFICs, but they weren't before. The taxation of foreign mutual funds as PFICs began with the...
- Wed Mar 28, 2012 1:46 am
- Forum: Canada / United States Tax & Accounting
- Topic: Sec 1298(f): form 8621 suspended?
- Replies: 4
- Views: 4583
Sec 1298(f): form 8621 suspended?
As regards filing US form 8621 for Canadian mutual funds held by a US person: (a) Canadian mutual funds (newly declared "corporations") are governed by US Code section 1298(f). (b) The current US form 8621 (downloaded today) does not cover section 1298(f). (c) IRS notice 2011-55 says that ...
- Thu Mar 22, 2012 6:25 pm
- Forum: Canada / United States Tax & Accounting
- Topic: RRIF contrib for US tax: 1st 60 days rule & "yr of
- Replies: 3
- Views: 2131
==> The year does matter: that's what determines the exchange rate used. <== The 89-45s: I did them wrong. The 89-45s only required an updated *total* contribution, and every year I took the *cumulative* Canadian-dollar contribution and then multiplied it by the current year's exchange rate. That's ...
- Thu Mar 22, 2012 4:30 pm
- Forum: Canada / United States Tax & Accounting
- Topic: RRIF contrib for US tax: 1st 60 days rule & "yr of
- Replies: 3
- Views: 2131
RRIF contrib for US tax: 1st 60 days rule & "yr of
Hello, In compiling a history of past contributions to my RRIF for US tax purposes, I have a question about which year I attribute a contribution to. Example: in July 1993 I contributed $1000 to an RRSP; in February 1994 I contributed $2000 to the same RRSP. For Canadian taxes, that produced a $3000...
- Wed Mar 21, 2012 3:19 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Effect on Form 1116 of nontaxable part of RRIF withdrawal
- Replies: 7
- Views: 4022
- Tue Mar 20, 2012 10:38 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Effect on Form 1116 of nontaxable part of RRIF withdrawal
- Replies: 7
- Views: 4022
Yes, lifelong USC. Since only the contributions count, it's doable, so I'll do it. Gauvin's table is a help -- thank you. I can modify it to suit my situation. Question: can I get away with using the average annual exchange rate every year, despite the fact that many of the yearly contributions were...
- Tue Mar 20, 2012 9:42 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Effect on Form 1116 of nontaxable part of RRIF withdrawal
- Replies: 7
- Views: 4022
Why declare more income than I need to? I have to admit that it's because going back through 40 years of records to total up all the cash contributions, each converted to US dollars, is a daunting task. I have held more than a dozen different RRSPs, now all coalesced into one RRIF. Do I have to prod...
- Tue Mar 20, 2012 5:15 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Effect on Form 1116 of nontaxable part of RRIF withdrawal
- Replies: 7
- Views: 4022
Effect on Form 1116 of nontaxable part of RRIF withdrawal
Hello, It has been explained in previous posts how to calculate the US-taxable and non-US-taxable portions of a Canadian RRIF withdrawal for a US citizen living in Canada. First question: does this affect the Canada-paid tax I declare on US form 1116? Fictional example (figures in US dollars): RRIF ...