Dual Status Return for Returning Canadian

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flyingmonkey
Posts: 24
Joined: Tue Mar 07, 2017 11:51 am

Dual Status Return for Returning Canadian

Post by flyingmonkey » Sun Mar 03, 2019 8:46 pm

Trying to wrap my head around the dual-status return and feel that I am getting closer. I returned to Canada in April 2018, was US resident Jan-March and Canadian resident April-Dec. I am choosing to file dual-status over 1040 full year because I opened a TFSA upon my return and do not want to have to deal with filing 3520/PFIC (as it seems much more complicated than dual-status). I'll lose a bit of money but hopefully save some sanity.

Things I need to include:
- W-2 for US income from Jan-March
- 1099-INT for interest from US bank in Jan-March
- 1099-R (1) for backdoor Roth in Jan-March
- 1099-R (2) for Roth 401k -> Roth IRA rollover in Jan-March
- 1099-R (3) for traditional IRA distribution in April-Dec
- Investment income in Jan-March (through form 8949)

As I understand I will file a 1040 statement for all world income for Jan-March and a 1040NR return for all US-source income for the entire year plus world income for Jan-March. My tax owing/return will be calculated based off 1040NR where NR rules apply. To break it down further:

1040
- W-2 income
- 1099-INT income with associated schedule B
- 1099-R for (1) and (2) and associated form 8606
- investment income and associated schedule D and form 8949

1040NR
- all of the above for 1040
- + 1099-R (3) for the traditional IRA

Am I correct in assuming that I have to include all relevant schedules (B/D) and forms (8606/8949) on my 1040 statement? Or do they just get attached to the 1040NR return and I only fill in the 1040 statement with the relevant numbers. Or do I attach the relevant schedules to the statement/return in which they occurred?

nelsona
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Re: Dual Status Return for Returning Canadian

Post by nelsona » Sun Mar 03, 2019 9:23 pm

I would include them with the 1040 portion.
Nelsona Non grata. Non pro. Search previous posts. Happy Browsing :D

flyingmonkey
Posts: 24
Joined: Tue Mar 07, 2017 11:51 am

Re: Dual Status Return for Returning Canadian

Post by flyingmonkey » Sun Mar 03, 2019 10:13 pm

Alright, so more succinctly, for the 1040 statement I am basically filling out only the income portions and associated attachments, then forwarding the results on to the 1040NR statement where I additionally compute non-resident income, deductions, credits etc and finally tax owing/owed. Seems to make sense at a high level. I'll try it this week and I'm sure I'll have more specific questions. Thanks.

flyingmonkey
Posts: 24
Joined: Tue Mar 07, 2017 11:51 am

Re: Dual Status Return for Returning Canadian

Post by flyingmonkey » Sun Mar 03, 2019 10:14 pm

[quote=flyingmonkey post_id=51257 time=1551665597 user_id=9371]
1040NR statement
[/quote]

1040NR return**

nelsona
Posts: 15980
Joined: Wed Oct 27, 2004 2:33 pm
Location: Nowhere, man

Re: Dual Status Return for Returning Canadian

Post by nelsona » Mon Mar 04, 2019 11:03 am

There won't be any credits and very few deductions on your 1040NR.
Nelsona Non grata. Non pro. Search previous posts. Happy Browsing :D

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