Filing joint IRS return with US spouse - Canadian interest income?

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ezgrower
Posts: 10
Joined: Tue Mar 06, 2018 4:00 pm

Filing joint IRS return with US spouse - Canadian interest income?

Post by ezgrower »

I am a Canadian citizen residing in Canada. My wife is a US citizen residing in the US (for now). We filed a Section 6013(g) election with IRS for me, allowing my wife to file as married filing jointly, substantially reducing her tax burden. My only income is interest on my savings at Canadian credit unions. Does IRS' worldwide income reporting requirement include unearned income like bank account interest?
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cqhg
Posts: 16
Joined: Fri Dec 14, 2018 11:18 pm

Re: Filing joint IRS return with US spouse - Canadian interest income?

Post by cqhg »

If you file jointly married, the interest outside US bank will be reported on 1040 Schedule B.
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nelsona
Posts: 18675
Joined: Wed Oct 27, 2004 2:33 pm
Location: Nowhere, man

Re: Filing joint IRS return with US spouse - Canadian interest income?

Post by nelsona »

And any tax that you pay in Canada on that interest can be used on form 1116 (passive) to overcome the US tax.
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
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