BC Low-Income Resident Contractor IRS Filing

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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.)

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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?

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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.
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