Filing joint US taxes this year...

[Necrotica 0]

Ok, is this correct?

$15,674.21 CDN = $16,824.70 USD if the exchange rate is $1.0734 USD for every $1 CDN?

Yup, it's correct. And the exclusion allows up to 80K or the like sweetie, so you're cool.

Thanks.

This is brutal. I'm trying to figure out Line 44 (tax) on my 1040, and it feels like I've hit another brick wall. I'm about ready to give up and take this in to H&R Block. There has GOT to be some tax software out there that can do this for me even though I won't be e-filing this!

[Flames9_RN 358]

We have Turbo tax Deluxe 2007 and it includes form 2555, so one should be able to use it!!

As wel this site has OODLES of info on form 2555 : http://forums.serbinski.com/index.php?sid=...9e0066bcbee3f79 Its free to register and ensure you do a search!! as a grumpy guy named nelson answers most of the questions,lol

[Necrotica 0]

We have Turbo tax Deluxe 2007 and it includes form 2555, so one should be able to use it!!

As wel this site has OODLES of info on form 2555 : http://forums.serbinski.com/index.php?sid=...9e0066bcbee3f79 Its free to register and ensure you do a search!! as a grumpy guy named nelson answers most of the questions,lol

I should just go buy that, then. As long as it'll let me print out the forms so I can mail them in, then this will save a few more of my hairs from going grey. I've been trying to do this manually by following the 2555 and 1040 instructions, and no wonder people b!tch about taxes! I always used to think it was fun doing it with TurboTax but didn't think it was an option this year.

Thanks!

Edited April 3, 2008 by Necrotica

[Flames9_RN 358]

ya, u can print them off. One can also download the software from their internet site. But I prefer to buy the disk. bestbuy usually has good prices. Cheapest i found was at Costco, but that was like a month ago

[Necrotica 0]

Is it possible to e-file state taxes but mail in federal?

Now I'm trying to work on Kansas state taxes, and it's a whole 'nother mess... it doesn't say anything about being able to exclude Réjean's foreign income...

[Flames9_RN 358]

I know on Turbo tax one could efile 1, and mail in the other!!! I mailed them both in!! Turbo tax charges like $18 a return!! mailed both returns in late march and had the refund within 2 weeks (electronic banking)

[Necrotica 0]

THEY'RE DONE. ALL DONE. FINALLY. All that's left to do is make photocopies for my records and mail the originals.

I am so seriously tempted to throw a party in celebration. I am THAT happy about it. These taxes were more brutal than the I-129F packet was.

Edited April 9, 2008 by Necrotica

[Chica Yeyé 41]

THEY'RE DONE. ALL DONE. FINALLY. All that's left to do is make photocopies for my records and mail the originals.

I am so seriously tempted to throw a party in celebration. I am THAT happy about it. These taxes were more brutal than the I-129F packet was.

TEE HEE!!! Ain't it grand sister, to be done with double taxation???????????????????

[kcmetzy 0]

THEY'RE DONE. ALL DONE. FINALLY. All that's left to do is make photocopies for my records and mail the originals.

I am so seriously tempted to throw a party in celebration. I am THAT happy about it. These taxes were more brutal than the I-129F packet was.

TEE HEE!!! Ain't it grand sister, to be done with double taxation???????????????????

I am such an idiot.

I forgot to convert my husband's Canadian income into American dollars...no matter how many times I read to do so. Please tell me that I wouldn't have saved all that much.

I just cut a check for $517 dollars on Monday to the IRS. GRRRR!

It doesn't matter to the IRS though right, if anything they got more money then they should have.

[Necrotica 0]

THEY'RE DONE. ALL DONE. FINALLY. All that's left to do is make photocopies for my records and mail the originals.

I am so seriously tempted to throw a party in celebration. I am THAT happy about it. These taxes were more brutal than the I-129F packet was.

TEE HEE!!! Ain't it grand sister, to be done with double taxation???????????????????

It is WONDERFUL. I am SO GLAD we do not have to do this again. :dance:

[Necrotica 0]

I am such an idiot.

I forgot to convert my husband's Canadian income into American dollars...no matter how many times I read to do so. Please tell me that I wouldn't have saved all that much.

I just cut a check for $517 dollars on Monday to the IRS. GRRRR!

It doesn't matter to the IRS though right, if anything they got more money then they should have.

Eeeek. It depends on how much his income was. For example, like I posted earlier, my husband's income was $15,674.21 CDN, which translated out to $16,824.70 USD using the exchange rate of $1.0734 USD for every $1 CDN that was found here.

I wouldn't think it would matter, though. As long as he made a fair amount under $85,700, it shouldn't matter. The way I see it, even with the exchange rate, it would still all be excluded.

Edited April 10, 2008 by Necrotica

[Flames9_RN 358]

congrats!!

Just curious on ur exchange rate!! Looking at various website, bank of Canada being one and x-rates (which was a link from the irs.gov site) the exchange rate on dec 31 2007 was 1.01204 USD Probably doesnt really matter.

[Necrotica 0]

congrats!!

Just curious on ur exchange rate!! Looking at various website, bank of Canada being one and x-rates (which was a link from the irs.gov site) the exchange rate on dec 31 2007 was 1.01204 USD Probably doesnt really matter.

Thanks!

I got mine from the Federal Reserve website. It was the average exchange rate for the year rather than the one on 12/31.

http://www.federalreserve.gov/releases/g5a/current

I don't think it really matters. Réjean's income was so far away from the $85,700 that no matter what exchange rate was used, he'd still have it all excluded.

Edited April 10, 2008 by Necrotica

[lynamon 0]

I ended up taking mine to H&R Block .. I called all of the premium offices to see if anyone was familiar .. and low and behold ... I found someone thank goodness!!!

and form 2555EZ seems less complex than 2555.

Edited April 10, 2008 by lynamon

[Texanadian 10]

For example, like I posted earlier, my husband's income was $15,674.21 CDN, which translated out to $16,824.70 USD using the exchange rate of $1.0734 USD for every $1 CDN that was found here.

I wouldn't think it would matter, though. As long as he made a fair amount under $85,700, it shouldn't matter. The way I see it, even with the exchange rate, it would still all be excluded.

I think that's actually backwards. You would divide 15K by 1.0734 and get 13K of income in USD.

Look at the exchange in past years. 1.13 in 2006, 1.21 in 2005, 1.30 in 2004. If you made $20,000 cdn in 2004, you made $15,384 USD.

I remember how expensive it was to buy stuff from the USA back in 2004 when I was paying with Canadian dollars. Everything cost me 30% more than the price of the good was advertised as.