I am sorry if this has been asked so many times and you all are tired of answering :( I have been searching for these answers for the last couple weeks, and can't seem to find straight answers.
I moved to the US from Canada February 20, 2014. I worked in Canada right up until I moved. I do not have a green card yet, I came on a K1 visa and am still waiting for my visa.
-Do I report my income made in Canada before I moved on my US tax return? I have heard yes and have heard no. I want to make sure I do it right.
-I collected Canadian EI while in the US, do I report this on foreign earned income?
-My husband and I are filing jointly, do I include a statement saying I want to be treated as a resident?
(we are using Turbo Tax)
Thankyou!!!!!
:D
Filing taxes first time in US
Moderator: Mark T Serbinski CA CPA
Because you are filing jointly, you will need to report ALL income from 2014 on your US return.
You can exclude the CDn wages from before you moved using form 2555.
You report whatever income you got in the category it would appear on 1040.
How were taxes withheld from your EI. I presume they knew you were in US?
You have to file a departure return in Canada.
You can exclude the CDn wages from before you moved using form 2555.
You report whatever income you got in the category it would appear on 1040.
How were taxes withheld from your EI. I presume they knew you were in US?
You have to file a departure return in Canada.
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
Good, the correct amount was withheld. that will make your Cdn return easier. Technically that is your only Cdn tax obligation on that money.
When filing your Cdn departure return, you might want to look into making a 217 election on that income. If you do the calculation and it comes out less than 25% on that income, you get some of the withheld tax refunded. This typically benefits those who didn't earn much other income after they left canada. The CRA emigrant guide discusses this.
The EI (gross amount) is reported on your 1040 (govt payments lin) and the tax (25% or the lower ammount you determine above) is used on a 1116 form (general limit income) to come up with the foreign tax credit you wil get against the US tax you owe on that EI.
When filing your Cdn departure return, you might want to look into making a 217 election on that income. If you do the calculation and it comes out less than 25% on that income, you get some of the withheld tax refunded. This typically benefits those who didn't earn much other income after they left canada. The CRA emigrant guide discusses this.
The EI (gross amount) is reported on your 1040 (govt payments lin) and the tax (25% or the lower ammount you determine above) is used on a 1116 form (general limit income) to come up with the foreign tax credit you wil get against the US tax you owe on that EI.
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
Oh, and on your quaetion about the "statement" to be treated as a US resident? No need, you are one. And Cdns are not required to file the statement to make this election anyways.
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