My_question_is: Applicable to both US and Canada
Subject: Filing Taxes for 2001-2006
Expert: taxman at centa.com
Date: Wednesday January 31, 2007
Time: 08:49 PM -0500
QUESTION:
I just found out that I need to file US tax returns for these years. I am a
Canadian permanent resident who has been here since June 2001.
Please help me to find out what I need to do to get up to date with the IRS.
Thank you,
------------------------------------
david ingram replies:
Co-incidentally, when the IRS finds out about these, they always want the
current year plus six back years. Filing from 2001 is just about right.
You have to convert your Canadian Income to US dollars at the appropriate
exchange rate for the year. Put those amounts on the 1040.
Then you have the choice of claiming a foreign tax credit on form 1116 or
claiming the $80,000 to $82,400 earned income exemption on form 2555. If
your income has been over $80,000 US, you might end up doing a combination
of both.
Go to www.centa.com and read the "US/Canada Taxation" section in the second
box down on right hand side. Although 15 years old now, it tells you what
you need to do.
And, of course, if you want them done for you, you know where I am.
=================================
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