Hello all,
I start reading a few posts in here and i couldn't find anything suitable for our (me and wife) case , hence i will post my situation, hoping i could get some help on how to fill the Us and Cdn taxes. I did submit the taxes by myself in canada in the past , but this is out first year we are in US and receiving income.
Status (married)
Wife (currently on J1) - moved in Feb 2014
- no canadian income
- J1 status with W2 income
Me (currently on Tn1 visa) - moved in May 2014 (delay in processing the papers)
- had canadian income for the first 5 month
- RSP funds for the first 5 months as well as funds from precious years
- Home owner that is currently rented
- bank account but very little interest added for last year (20 cad)
- w2 income since May 2014 in USA
- 401(k) for the time worked in usa
We changed all the addresses from banks as well as government (federal and prov) with our US address, but it is now the time for the taxes. We are located in an area where there aren't many international/cross border accountants to go and ask for consultation/advise (Santa Barbara, CA) , hence i started to dig into the crazy spaghetti of documentation and forms i need to fill out for both countries. I know there are software and i am planning to use them , but before i want to make sure i know what i do , of course with your help.
I would like to recap a few things to see if i understood correct and please correct me if i am wrong in anyway:
1.As per the information provided above , i believe for US i need to fill our the 1040 form declaring that i am a the Canadian income as well as all the RSP and rent income . Also i need to declare that i am a Non-resident aliens on the form i mentioned above. The part that is not clear is how do i declare the different income ( us vs Canadian) - is there a different form?. The fact that i am on TN1 and my wife on J1, does affect the tax preparation? Also can we fill separately or is it mandatory to fill it together?
2. For the canadian taxes, i need to declare the income from canada and the fact that we are canadian resident (due to the house ties and the TN1) for tax purposes as well as the income from the US and the taxes we paid to IRS. Is there anything else we need to declare?
3. the canadian RSP are now bringing a very little income , but still it is considered an income. What do i need to declare to canada or us ? And how often if anything needs to be done.
Hoping that i am clear enough on my case, i am looking forward to your comments/corrections. I am new to the US taxes, but i like to know more. Appreciate all for the help in advance,
Sam
TN1 and J1 for the first time in USA
Moderator: Mark T Serbinski CA CPA
perhaps you are correct. But searching through all the posts i couldn't find this situation on J1/TN1. Please correct me is i am wrong. I was just trying to see what is the difference and if i miss anything. Every single case looks different for me. Maybe you could help me and point me to the case with Tn1/J1/ home owner.
Thanks you in advance.
Sam
Thanks you in advance.
Sam
Sam