Search found 18241 matches
- Wed Feb 28, 2024 3:07 pm
- Forum: Canada / United States Tax & Accounting
- Topic: federal surtax
- Replies: 4
- Views: 156
Re: federal surtax
Unless you are filing an elective return (217), you do not include pension income on the return, as it is not subject to graduated tax. It is flat taxed.
- Sat Feb 24, 2024 7:03 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Part XIII not deducted
- Replies: 2
- Views: 155
Re: Part XIII not deducted
By treaty, US residents do not have any Cdn tax obligation on interest, a no withholding was necessary.
- Sat Feb 24, 2024 7:00 pm
- Forum: Canada / United States Tax & Accounting
- Topic: IRA distributions and tax witholding
- Replies: 1
- Views: 97
Re: IRA distributions and tax witholding
The entire gross amount, before taxes is considered income. The US tax is credited on your Cdn tax return.
- Sat Feb 24, 2024 6:59 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Can CDN resident just file full-year 1040 instead of dual-status return?
- Replies: 8
- Views: 340
Re: Can CDN resident just file full-year 1040 instead of dual-status return?
Better answer: You can file full year under the anti-discrimination clause.
- Fri Feb 16, 2024 9:31 am
- Forum: Canada / United States Tax & Accounting
- Topic: Is HSA and US healthcare taxable income?
- Replies: 3
- Views: 175
Re: Is HSA and US healthcare taxable income?
Gross Income - HSA.
Your 401(k) contributions are handled by another form (RC268), and your medical premiums become part of your Medical expenses for the year.
Your 401(k) contributions are handled by another form (RC268), and your medical premiums become part of your Medical expenses for the year.
- Thu Feb 15, 2024 9:10 am
- Forum: Canada / United States Tax & Accounting
- Topic: IRA to RRSP transfer
- Replies: 33
- Views: 44172
Re: IRA to RRSP transfer
you can probably fill a 1042-s in their system. You want the withholding tax to go on the correct line as well.
It isn't 1099-R income in your case.
It isn't 1099-R income in your case.
- Thu Feb 15, 2024 12:22 am
- Forum: Canada / United States Tax & Accounting
- Topic: US citizen looking for advice on how to get assets out of Canada
- Replies: 6
- Views: 332
Re: US citizen looking for advice on how to get assets out of Canada
So, now that you have finally stated that she is US resident (never mentioned), we can make some progress here.... If the account is a simple investment account (not a pension), she can transfer the funds to any US brokerage. The US brokerage would initiate the transfer (she would need to ask if the...
- Thu Feb 15, 2024 12:08 am
- Forum: Canada / United States Tax & Accounting
- Topic: IRA to RRSP transfer
- Replies: 33
- Views: 44172
Re: IRA to RRSP transfer
Its not miscellaneous income -- it's IRA income. Nothing else. Line 4a/4b on page 1, or line 7 of the NEC Schedule. Plus penalty from 1040 scheduke 2, reported on line 17 of 1040-NR.
If it doesn't put it there, it (or you) are not doing it right.
If it doesn't put it there, it (or you) are not doing it right.
- Wed Feb 14, 2024 2:37 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Confusion on making a Section 217 election
- Replies: 13
- Views: 5151
Re: Confusion on making a Section 217 election
So NOWHERE in your thread (how about we just go back to that thread).
- Wed Feb 14, 2024 12:06 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Confusion on making a Section 217 election
- Replies: 13
- Views: 5151
Re: Confusion on making a Section 217 election
No, becuase she lives in canada and repoets all income.
- Wed Feb 14, 2024 12:05 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Is HSA and US healthcare taxable income?
- Replies: 3
- Views: 175
Re: Is HSA and US healthcare taxable income?
The contributions can be excluded from your gross wages, as they are in the US.
- Wed Feb 14, 2024 12:02 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Tax Filing Software
- Replies: 6
- Views: 412
Re: Tax Filing Software
Online
- Tue Feb 13, 2024 11:09 am
- Forum: Canada / United States Tax & Accounting
- Topic: Canada OAP and US Social Security
- Replies: 29
- Views: 62306
Re: Canada OAP and US Social Security
Incorrect reporting on 1040. You include the income on social security line as gross, zero as net, and then attach an 8833 explaining that you are a Cdn resident and exempt from tax on CPP and OAS (and SS if applicable). Your other choice is to not report these on the SS line at all, but still inclu...
- Mon Feb 12, 2024 8:07 pm
- Forum: Canada / United States Tax & Accounting
- Topic: US citizen looking for advice on how to get assets out of Canada
- Replies: 6
- Views: 332
Re: US citizen looking for advice on how to get assets out of Canada
Oh, ok, by custodian you meant a brokerage or fund manager. No, she cannot open a US account as a CDN resident. This violates CDN securities regulations. What is her concern about leaving them where they are? She would need to sell the investments, and if then if she wants to give them to you now or...
- Mon Feb 12, 2024 5:54 pm
- Forum: Canada / United States Tax & Accounting
- Topic: principal residence in T1243
- Replies: 1
- Views: 139
Re: principal residence in T1243
It is not subject to deemed disposition, since you will eventually pay tax on the future sale, with some restrictions. For example, if you sell within a year after leaving, there will be no tax.