2010 Tax thread - For Canada and the U.S.

[sly_wolf 199]

I am working on our U.S. tax return, last year we had a tax preparer do it because of the forgein income but I hate to pay them again so trying to figure it out myself. I think I have it all figured out except for converting my canadian income and tax already paid. (all my income is forgein) into U.S dollars. I know that there was a post on here saying that we can find the exchange rate for 2009 on the Federal Reserve website but I have looked but can not find anything. Can someone please tell me exactly where to look?

Thanks

Linda

Here ya go:

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

[Malrothien 6]

Beat to the punch, lol.

Edited March 13, 2010 by Malrothien

[LindaB 0]

Here ya go:

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

Thanks, that will help me so much!!!!

[LindaB 0]

Now, I have a question regarding the form 1116, in part II, for the other foreign taxes paid sections (n in canadian currency, r in u.s. currency) do I put the total amount I paid from my T4 or do I subtract the amount of my canadian tax refund from my total income tax paid on my T4 and put that amount? I put the total amount paid at first and then noticed that last year the tax preparer put an amount that was alot less so made me think about this question. Either way, it is alot more than tax owed in the U.S. so more than cancels out so that is a good thing.

Also do I need to attach a note on how I calculated the currency conversion?

Thanks

[LindaB 0]

Now, I have a question regarding the form 1116, in part II, for the other foreign taxes paid sections (n in canadian currency, r in u.s. currency) do I put the total amount I paid from my T4 or do I subtract the amount of my canadian tax refund from my total income tax paid on my T4 and put that amount? I put the total amount paid at first and then noticed that last year the tax preparer put an amount that was alot less so made me think about this question. Either way, it is alot more than tax owed in the U.S. so more than cancels out so that is a good thing.

Also do I need to attach a note on how I calculated the currency conversion?

Thanks

[Bern. 3]

So my husband went and attempted to do his taxes today. I told him to file as married but seperated, and apparently the tax prep guy is like, ''NO. YOU HAVE TO FILE SINGLE.'' I told my husband to file single would be a lie, because 1) We're married, and have been since Feb 2009 and 2) It's probably not a good idea to put the wrong martial status with the IRS, especially since the army is paying him extra because I'm a dependent.

I told him to file for a International Tax Number or an Extension. Any suggestions? Thank youu!

[minnew 4]

So my husband went and attempted to do his taxes today. I told him to file as married but seperated, and apparently the tax prep guy is like, ''NO. YOU HAVE TO FILE SINGLE.'' I told my husband to file single would be a lie, because 1) We're married, and have been since Feb 2009 and 2) It's probably not a good idea to put the wrong martial status with the IRS, especially since the army is paying him extra because I'm a dependent.

I told him to file for a International Tax Number or an Extension. Any suggestions? Thank youu!

Hi Bern!

Definitely do not let the idiot tax prep guy convince him that he files as single! The military knows he is married and he is getting married pay. I would definitely get him to file for an ITIN for you in the meantime. Do it ASAP so that if the ITIN does not get issued in time (before April 15th) he may be able to file for an extension with proof that he filed for an ITIN for you?

[Malrothien 6]

If he is in line for a refund, you don't need to file for an extension. Besides, you can just paper file the 1040 with the W7 form already. In the space for your SSN Bern, you'd just write "W7 included".

[MsZ 6]

If you have a dependent, your husband can file as head of household and pretty much ignore you on his taxes. That's what I did last year since my husband entered in 2009, Bern.

He can file married/joint with you and attach a form to request an ITIN for you.

If he were to file single, he would have to adjust this later with an ammended return so that's probably not the right solution for you.

Now I have a question : I understand we have to inform the US of the amount in my husband's RRSP. Does anyone know what form I would need to use for that?

I'm bumming because it looks like we didn't do a good job of estimating withholdings. We'll owe the Feds around $2K and NY about 1K. :-( Our income pushed us to where we lost a lot of the credits I could take in previous years.

[TimandJoyce 1]

Now I have a question : I understand we have to inform the US of the amount in my husband's RRSP. Does anyone know what form I would need to use for that?

I don't know about what form to use, but is that because he cashed in his RRSP's? I still have mine, ( although not much) in my Canadian bank account, and can't touch them until 2011. Even then I'm not sure I want to cash them out.

Edited March 23, 2010 by TimandJoyce

[Inky 1,110]

Is it possible to download leaving canada tax forms stuff? where at can I get it, I was going to file with H&R but would rather not because my return wont even cover the cost of paying H&R.

Was going to try to do it myself with my last deposit slip and my T3 unless I cant do it myself.

[TimandJoyce 1]

Is it possible to download leaving canada tax forms stuff? where at can I get it, I was going to file with H&R but would rather not because my return wont even cover the cost of paying H&R.

Was going to try to do it myself with my last deposit slip and my T3 unless I cant do it myself.

Possible somewhere, I really don't know. However I just called CRA..they have an international tax number... 1-800-267-5177 I had the girl send me the BC tax forms. She's also sending the proper form for me to change my name too.

I'm kinda late with this stuff..ulp..so I might end up returning it late. She just laughed when I told her that. Hopefully it's my last one, unless I have to fill it out every year because of my survivor's benefit. *which will be super easy to do then*

[OBX 51]

If you have a dependent, your husband can file as head of household and pretty much ignore you on his taxes. That's what I did last year since my husband entered in 2009, Bern.

He can file married/joint with you and attach a form to request an ITIN for you.

If he were to file single, he would have to adjust this later with an ammended return so that's probably not the right solution for you.

Now I have a question : I understand we have to inform the US of the amount in my husband's RRSP. Does anyone know what form I would need to use for that?

I'm bumming because it looks like we didn't do a good job of estimating withholdings. We'll owe the Feds around $2K and NY about 1K. :-( Our income pushed us to where we lost a lot of the credits I could take in previous years.

I believe it is form 8891.

http://www.irs.gov/pub/irs-pdf/f8891.pdf

[Inky 1,110]

Possible somewhere, I really don't know. However I just called CRA..they have an international tax number... 1-800-267-5177 I had the girl send me the BC tax forms. She's also sending the proper form for me to change my name too.

I'm kinda late with this stuff..ulp..so I might end up returning it late. She just laughed when I told her that. Hopefully it's my last one, unless I have to fill it out every year because of my survivor's benefit. *which will be super easy to do then*

I found the tax forms for ontario but the problem is all the dates on it are PAST the date I moved so for eg it says " Enter your province or territory of residence on December 31, 2009:________ " I didnt reside in canada in december I left in august. Maybe im looking at the wrong forms tho.. This is what the forms are titled. " Income Tax and Benefit Return T1 GENERAL 2009 "

[Inky 1,110]

I just tried a few online form filling things but I cant use them either it seems because they keep asking me where I lived in canada on dec 31st. They also keep asking me my husbands info and I cant put any of that on there! ugh this is retarded.