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Recent Foreign Tax Credit questions

My wife is from the Philippines and in 2001 she built a

My wife is from the Philippines and in 2001 she built a house there for about $25,000. She is now married to me, a US citizen living here in IL. If she were to sell the property now for $42,000, what would we be responsible for as far as taxes go? Do we pay taxes on the entire $42,000 or just the capital gains of $17,000, and at what tax rate?

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Arthur Rubin

Doctoral Degree

1,880 satisfied customers
Have my Canadian PR card. I have never worked or filed taxes

I am American and have my Canadian PR card. I have never worked or filed taxes in Canada. I have a US social security pension, and my wife draws spousal pension from it. My wife is a Canadian citizen and has never worked in the USA. My wife files two different tax returns, one in the USA to claim her earnings from the spousal pension, and one in Canada where she claims her Canadian earnings. My wife would be considered low-income in both countries, even with combined earnings. If she would apply for Old Age Security (OAS) and the Guaranteed Income Supplement (GIS) in Canada would that somehow affect her US spousal pension or how she files her taxes?

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Arthur Rubin

Doctoral Degree

1,880 satisfied customers
I am preparing a tax return for someone who just became a

I am preparing a tax return for someone who just became a citizen of the U.S. He withdrew $200,00 AUD from the fund on June 29, 2016 in a lump sum payment. Since he wasn't a citizen prior to 2016, he never reported any of the income from the fund in the U.S. He needed the $200,000 to payoff his mortgage in Australia. I wanted to know if the full $200,000 is taxable pension income for U.S. Tax purposes? What about the non-lump sum w/D he made of about 35,000?JA: The Accountant will know how to help. Is there anything else important you think the Accountant should know?Customer: The Superannunation w/D's were taxed by Australia on his Australian tax return for the fiscal year ended 6/30/16. These W/d's were considered an "untaxed element" on lines 7 and 8 of the Australian individual T/R.

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

5,754 satisfied customers
I'm an Enrolled Agent tax preparer in California. I can't

Hello,I'm an Enrolled Agent tax preparer in California. I can't find a guide anywhere on how to properly report a Canadian Form T5 on a U.S. tax return. Can you explain what boxes need to be reported? I'm mainly concerned with boxes 24, 25, 26, 15, and 16.Thank you.

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Matthew Breecher

President

MBA (Graduate Legal Studies)

330 satisfied customers
Lev, Are you actually on line on a Sunday Monday morning? I

Good morning Lev, Are you actually on line on a Sunday Monday morning?JA: No. I'm the Accountant's Assistant.Customer: I do have a questionJA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: I moved from Canada to US some years ago (non a US tax resident) and my employer has constitued a retirement fund in Canada to pay when retired. They are currently offering me to cash it as a lump sump, They mentionned they should use NR4. I know for RSSP, IRS tax is on the increase in value since I moved to in US not the full amount (less the wihthled in Canada. Is it true even not a RSSP?JA: Is there anything else the Accountant should be aware of?Customer: I could have phrase is better but the info is there

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

21,984 satisfied customers
What is the cost in receiving an answer to a 401K query for

Hi what is the cost in receiving an answer to a 401K query for non US citizen non-resident?

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Chad Caros

Certified Financial Planner(R), Pro

Master's Degree

276 satisfied customers
I am looking at the form 1116 (foreign tax credit). I have

I am looking at the form 1116 (foreign tax credit). I have paid $30,000 in taxes in the UK (I live all year here), the US tax says line 22 on the form can only be 21,000. Where do I report the carry over of $9,000?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

21,984 satisfied customers
I have a k-1 form with amounts in box 14 with code i on them

Hi yes. I have a k-1 form with amounts in box 14 with code i on them and can't figure out how to file them.JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: The box shows I* STMTI* 166.I* 1,271.JA: Is there anything else the Accountant should be aware of?Customer: In the statements and footnotes section it shows FOREIGN GROSS RECEIPTS AND EXPENSES, total passive income of $1,279 and AMT FOREIGN TAXES, passive of $166

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Brian Michels

Partner

Bachelors of Business Administration

286 satisfied customers
My husband worked in chile for 7 years. He left Dec 2015. In

My husband worked in chile for 7 years. He left Dec 2015. In 2016 he received his last pay for over $125000. I do not think we can take the foreign income credit. How can use his foreign Tax credits carryover to offset this income. He has $382,000 in carryoversJA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?Customer: I am preparing my own return. Ihave done this for years.

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Anne

Master Tax Preparer

3,334 satisfied customers
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