BC Low-Income Resident Contractor IRS Filing

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Lupine
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Joined: Tue Jun 02, 2020 8:38 pm

BC Low-Income Resident Contractor IRS Filing

Post by Lupine » Tue Jun 02, 2020 8:45 pm

(I live in California, but...) This is for my US citizen friend who is a Canadian permanent resident living in Vancouver, BC: If I am below the income threshhold ($13,600 over age 65) for filing but I am an independent contractor and I have paid into the Canadian Pension Plan for over 40 years, so I don't have to pay US Social Security or Medicare taxes, do I need to file a 1040 at all? (I already filed my FBAR.)

cullen
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Joined: Sun Mar 27, 2005 1:34 am
Location: Greenville SC

Re: BC Low-Income Resident Contractor IRS Filing

Post by cullen » Wed Jun 03, 2020 10:45 am

I would still file one - you don't want gaps in filing especially when you have to file an FBAR anyway
Do you pass the threshold for Specified Asset reporting?
Joe

nelsona
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Re: BC Low-Income Resident Contractor IRS Filing

Post by nelsona » Thu Jun 04, 2020 7:03 am

You do not need to file. Since FBAR is separate from 1040, I don't see why filing FBAR would make you want to file 1040. Just make sure, when your pension income goes up, that you resume filing.
Nelsona Non grata. Non pro. Search previous posts. Happy Browsing :D

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