Search found 18241 matches

by nelsona
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.
by nelsona
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.
by nelsona
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.
by nelsona
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.
by nelsona
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.
by nelsona
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.
by nelsona
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...
by nelsona
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.
by nelsona
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).
by nelsona
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.
by nelsona
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.
by nelsona
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
by nelsona
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...
by nelsona
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...
by nelsona
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.