Hello,
I am a US citizen living in Canada as a permanent Resident. I understand I need to file taxes in the US including the past 6 years but I have a few questions.
1.) How do I determine my state of legal residence. Last US Driver's License? Voter registration?
2.) My income is under 80K. Do I just file a 1040 and claim my foreign income as an exemption? Are there other forms?
3.) Will I have to pay any US taxes?
4.) As I continue on in Canada, eventually I will have TFSAs, RRSPs etc. and my income may go over 80K. Will things change such that I have to claim these accounts and pay tax in the US?
Thanks for the help and this is a wonderful forum. I suspect my questions are already answered in this forum but I had trouble finding the appropriate thread. Feel free to simply point me in the right direction and I'll read on from there.
Thank you.
US Citizen/Canadian Permanent Resident Back Filing
Moderator: Mark T Serbinski CA CPA
-
- Posts: 5
- Joined: Sat Feb 12, 2011 4:07 pm
1. You are a non-resident. You live in canada.
2. Only your Cdn WAGES are excludable using 2555. Other income is reported normally, and you can take foreign tax credit if needed.
3. Not likely
4. You TFSA has to be reported in US at all times. RRSP's need to be filed using form 8891. Please look for moreinfo on this site.
2. Only your Cdn WAGES are excludable using 2555. Other income is reported normally, and you can take foreign tax credit if needed.
3. Not likely
4. You TFSA has to be reported in US at all times. RRSP's need to be filed using form 8891. Please look for moreinfo on this site.
After 20 years, I am severely cutting back on responses. Do not ask specifically for my help. There are a few others on this board that can answer most questions. All the best