Form 8880
Moderator: Mark T Serbinski CA CPA
Form 8880
With a lot of us on the Forum working from home (in Canada) since mid March 2020, would it be advantageous to file Form 8880 to reduce our U.S. taxes and potentially to get a bigger refund if we were contributing to a 401k for the year? We would possibly qualify since we had low US Sourced Income and still contributed to an employer sponsored 401k. If so, would we have to determine how much we contributed to our 401k from Jan-mid March or could we use the entire amount contributed over the year?
Re: Form 8880
Your software will figure this out.
Your US tax, if working on Canada will not be the problem, It ios the Cdn tax you need to worry about. making your US tax smaller only increases what you owe to Canada.
Be aware that you miust use a form in canada to be able to get credit for your 401(k) contributions (only the 2020 calendar year contributions count for 2020)
Your US tax, if working on Canada will not be the problem, It ios the Cdn tax you need to worry about. making your US tax smaller only increases what you owe to Canada.
Be aware that you miust use a form in canada to be able to get credit for your 401(k) contributions (only the 2020 calendar year contributions count for 2020)
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing