RESPs and US taxes
Moderator: Mark T Serbinski CA CPA
Hence the wink wink nod nod! Yes, migration is the way of all animals, for whatever purposes. Just having a "worry day" about privacy, sovereignty, etc. and feeling sorry for those who are simply collateral damage because of people like me. Guess it hurts to grow up! Thanks so much for your responses and contributions. I know you don't have time to discuss much on here, but we're wondering what your take on Obamacare for the over $200,000 crowd would be? I'm sure it will soon emerge as another topic!
I always take the position that anyone making more than me should be taxed at ahigher rate me. I never understand americans who don't follow this principle.
If all did this, there would be free health care in US 50 years ago.
If all did this, there would be free health care in US 50 years ago.
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing
Regarding a future requirement to report NRA spouses's trust accounts to the IRS.
Couldn't a USC with NRA spouse just file "Head of household"?
The wording in the 1040 instructions state that if you have an NRA spouse and file "head of household", then you are considered "unmarried" for tax purposes. I wonder if this is enough to not report a spouse's trust account (TFSA, RESP).
I will never report anything of my spouse to the IRS except her name after "married filing separately" as required.
I won't worry about it until it appears in the instructions for 3520 - then I probably still won't worry about it.
Couldn't a USC with NRA spouse just file "Head of household"?
The wording in the 1040 instructions state that if you have an NRA spouse and file "head of household", then you are considered "unmarried" for tax purposes. I wonder if this is enough to not report a spouse's trust account (TFSA, RESP).
I will never report anything of my spouse to the IRS except her name after "married filing separately" as required.
I won't worry about it until it appears in the instructions for 3520 - then I probably still won't worry about it.
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This discussion has gotten me pretty nervous. I thought all my trust filings were behind me.
I am USC with NRA spouse. NRA spouse closed TFSA in 2012. TFSA was not in my name and I did not contribute to it. I file married filing separate.
Maybe I am being paranoid here, but I just want to confirm that this is still a FUTURE filing requirement and that I don't have to file 3520A and 3520 for NRA spouse TFSA now for tax year 2012? Worse yet, I hope I don't have to back file old years?
How about for people on this board whose NRA spouses haven't closed TFSA? Is there still time for them to close it by the end of 2013 without having to file foreign trust forms?
By the way -- thanks for this great forum -- it is so helpful!
I am USC with NRA spouse. NRA spouse closed TFSA in 2012. TFSA was not in my name and I did not contribute to it. I file married filing separate.
Maybe I am being paranoid here, but I just want to confirm that this is still a FUTURE filing requirement and that I don't have to file 3520A and 3520 for NRA spouse TFSA now for tax year 2012? Worse yet, I hope I don't have to back file old years?
How about for people on this board whose NRA spouses haven't closed TFSA? Is there still time for them to close it by the end of 2013 without having to file foreign trust forms?
By the way -- thanks for this great forum -- it is so helpful!
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I have seen no evidence that a US citizen is required to file anything for a NRA spouse who doesn't file US taxes though Nelsona has alluded to the possibility of this requirement at some future date.
If a law like this does come into effect the US government would basically be requiring its citizens to spy on spouses who are foreign nationals. I might have to ask my wife to renounce her citizenship if it comes to that. It's beyond even the current ridiculousness.
If a law like this does come into effect the US government would basically be requiring its citizens to spy on spouses who are foreign nationals. I might have to ask my wife to renounce her citizenship if it comes to that. It's beyond even the current ridiculousness.