This is our main tax information forum which deals with topics concerning Canadians living and working in the U.S., U.S. citizens contemplating working in Canada, and all aspects of Canadian and U.S. income tax and related adminstrative issues.
Moderator: Mark T Serbinski CA CPA
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I have not worked in 2021, so I will have no U.S. income in 2021 and only a very small amount of bank deposit interest to declare as Canadian income. I am a Canadian Citizen and resident. My former U.S. employer just did a distribution of my 401k at Principal to a U.S. Trust company which will become a Traditional IRA by default. What should I do with this account for tax purposes?