Filing returns in Canada and the US
Hi David,
I am a dual citizen Canada/USA. I have earned the majority of my income in Canada and am not eligible for a pension in the USA as I was self employed for the few years that I earned minimal income there. I have filed income tax returns in both countries for a number of years but have never owed anything to the US, do I need to keep filing?
Thanks!
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david ingram replies:
I hate to have to tell you that the answer is a simple yes. as long as you are a US citizen, you have to file a US return. However, you can NOT use form 2555 to exempt income as you have done to exempt up to $82,400 of earnings in the past. You must now use form 1116 to calculate the foreign tax credit.
I am a dual citizen Canada/USA. I have earned the majority of my income in Canada and am not eligible for a pension in the USA as I was self employed for the few years that I earned minimal income there. I have filed income tax returns in both countries for a number of years but have never owed anything to the US, do I need to keep filing?
Thanks!
----------------------------------------
david ingram replies:
I hate to have to tell you that the answer is a simple yes. as long as you are a US citizen, you have to file a US return. However, you can NOT use form 2555 to exempt income as you have done to exempt up to $82,400 of earnings in the past. You must now use form 1116 to calculate the foreign tax credit.
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