simple 1040 question

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

Post Reply
SergeP
Posts: 79
Joined: Mon Mar 09, 2009 10:38 pm
Location: hawaii

simple 1040 question

Post by SergeP »

I am US/Canada citizen returning to Canada from US. My understanding is that I have to file 1040 every year. Am I correct assuming that I can claim standard deduction and exemptions (I file as MFJ)? I will not have any income from US except of from my 401. There are a few threads in this forum talking about this topic indirectly, but I could not find an explicit answer. Thanks.
Serge
Top
nelsona
Posts: 18360
Joined: Wed Oct 27, 2004 2:33 pm
Location: Nowhere, man

Post by nelsona »

You are correct about needing to file, and you can claim anything you would normally claim, plus foreign earned income exclusion.

You might want to convert your 401(k) to a Roth before leaving US, pay the US tax now, and then never have to pay US or Cdn tax on that money ever again.
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing :D
Top
Post Reply

Return to “Canada / United States Tax & Accounting”