Search found 18244 matches

by nelsona
Thu Feb 09, 2006 10:52 am
Forum: Canada / United States Tax & Accounting
Topic: H-1 Status and Canadian Dependants
Replies: 1
Views: 2204

canadian residents are entitled to be claimed as dependants by US taxpayers on their 1040. Of course, this will merely reduce her US tax, thus increasing her Cdn tax (yes, she will have to pay Cdn tax on her US income because of you living in Canada). You will all need ITINs which will be issued whe...
by nelsona
Thu Feb 09, 2006 10:50 am
Forum: Canada / United States Tax & Accounting
Topic: Taxes on interest of devalued US term deposit
Replies: 7
Views: 4809

Your report the interest you recieve as interst income. You report your interest expenses as interest expense on a different line. It doesn't matter which is more or less: they aren't combined. Be aware however, that CRA could deny your expense claim, as they don't usually buy the notion of borrowin...
by nelsona
Thu Feb 09, 2006 8:29 am
Forum: Canada / United States Tax & Accounting
Topic: Taxes on interest of devalued US term deposit
Replies: 7
Views: 4809

The currency loss would be a capital loss which *could* be used against capital gains, not against interest income, but only when you sell some of the US cash. Treat your US cash like a mutual fund; the interest (taxable yearly as interest) is like a mutual fund distribution adding to the cost basis...
by nelsona
Wed Feb 08, 2006 11:13 pm
Forum: Canada / United States Tax & Accounting
Topic: Cashed in RRSP - Help on US Reporting
Replies: 19
Views: 13261

I thought that I had to fill in the 1040X with all of the appropriate details (AGI, Deductions, etc.) with a delta of 0 - do I not have to do that?
Not if you are only adding a form/statement.
by nelsona
Wed Feb 08, 2006 4:09 pm
Forum: Canada / United States Tax & Accounting
Topic: Cashed in RRSP - Help on US Reporting
Replies: 19
Views: 13261

A 1040X is blank. It's the statements that you will attach that are the hard part.
by nelsona
Wed Feb 08, 2006 4:07 pm
Forum: Canada / United States Tax & Accounting
Topic: RSP Reporting
Replies: 1
Views: 2382

I do not know of any other states that do not follow the Fedearl method you choose.
by nelsona
Wed Feb 08, 2006 1:05 pm
Forum: Canada / United States Tax & Accounting
Topic: Cashed in RRSP - Help on US Reporting
Replies: 19
Views: 13261

Only 16b goes on Line 1.

Your are going to have to hash this out for youself, or get online with turbotax at this point, I prefer to be a philosopher than a mechanic.
by nelsona
Wed Feb 08, 2006 11:25 am
Forum: Canada / United States Tax & Accounting
Topic: Cashed in RRSP - Help on US Reporting
Replies: 19
Views: 13261

It is not a lump sum distribution, it is general limitation income. You do have to go thru the worksheets in Ttax, as there are settings which determine if the money is truly foreign and then what deductions go with it. and don't forget to actaully enter your Cdn tax on the form. Bit of a pain, But ...
by nelsona
Wed Feb 08, 2006 8:04 am
Forum: Canada / United States Tax & Accounting
Topic: Canada Goverment employee, US Perm Resident, and CND RRSP
Replies: 5
Views: 4341

I also hold a USA RBC Centura account - no advantage of purchasing my RSP via them as all my income is Canadian funds and will be at the mercy of fluctuating exchange rates? American institutions do not sell, manage or know anything about RRSPs. RBC Centura has nothing to do with Canada, anymore th...
by nelsona
Wed Feb 08, 2006 7:58 am
Forum: Canada / United States Tax & Accounting
Topic: Rental loss and at-risk rules
Replies: 4
Views: 3350

Your're kidding, right? :D

Get Turbotax and file your return.
by nelsona
Wed Feb 08, 2006 12:00 am
Forum: Canada / United States Tax & Accounting
Topic: TN Claim Non-residence
Replies: 5
Views: 3876

Probably, and Cdn taxon departure.
by nelsona
Tue Feb 07, 2006 5:00 pm
Forum: Canada / United States Tax & Accounting
Topic: Cashed in RRSP - Help on US Reporting
Replies: 19
Views: 13261

Not really. Just that now that you have cashed in, there will be no future tax liability (you declaring all your income and are paying all your owed tax this year). Also, it is clear that 8891 will be around for the next while, and is identical to last year, marking the first time in about 6 years t...
by nelsona
Tue Feb 07, 2006 1:05 pm
Forum: Canada / United States Tax & Accounting
Topic: Cashed in RRSP - Help on US Reporting
Replies: 19
Views: 13261

... and there are threads on 8891 which should be read.
by nelsona
Tue Feb 07, 2006 1:03 pm
Forum: Canada / United States Tax & Accounting
Topic: Cashed in RRSP - Help on US Reporting
Replies: 19
Views: 13261

The alternative is to ignore all of this. Nothing would please IRS more for you to ignore all this, and subject your self to fines and penalties for back taxes. plus a $500,000 fine for failure to report your foresgn trust for 2003, 2004, and 2005. No, file an 8891 for last year (sent in now) , and...
by nelsona
Tue Feb 07, 2006 12:41 pm
Forum: Canada / United States Tax & Accounting
Topic: Cashed in RRSP - Help on US Reporting
Replies: 19
Views: 13261

is there a simple way I can check if they are trying to tack on the additional 10%?) Yeah, there is line 60 on 1040. It should be zero. If it isn't,you need to go into the Ttax form that you entered your RRSP and find a code that excludes your income from the penalty. I can file electronically now ...