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With further analysis, i found you could try the following:
1) make first year election, and then make full year resident election, and file joint return.
2) if your schoolarship is eligible excluded from gross income, that is fine. if not, i guess you could claim 911 deduction for that (if you stayed in Canada). by either way , your income will be excluded from the reported income. as a result, the taxable income will be only your wife's income, and in the end, you could pay nothing in US return.
3) the disadvantatge of this choice is that you have to retain the joint return for the future year, meaning that you have to report your income to US for the future years untill the election is ended. but once you revoke the election, you can't take it any longer.
in summary, this strategty could help you with the current year, but might bring negative impact on the future. you have to weigh it.
Post by woandlion
Hi guys, thanks for your helpful input.
To BL.TAX:
In your posts, you mentioned "I can't see too much benefits for you to file US return jointly. If you pay a little of tax in Canada, your FTC will be a little, even less, acoordingly. Why do you like to report your income in US?"
I am a little confused. In fact, you discussed if we should file as resident or non-resident (not jointly or separately), right?
(15000-4000-5000-3200)*15%=420, not 300
In (25760-3049-5000-3200-7300)*(15%-10%)=350, what are 7300 and 10%?
Another question:
Why did nobody mention child tax credit? If file as resident, we can claim child tax crdit, which will reduce $1000 directly from our tax, right?
To booooooooks:
You mentioned "你加拿大的income earned druing non-resident period，不用报给美国。也就是说你的收入如果是去美国之前挣的，就不用报给美国。只报去美国之后的那部分。因为first year choice只是part-year resident。"
Where can I find 原文 of the above?
If so, I guess I can't get the total amount of the deduction $5000 and exemption $3200. Probably, only part of them. |
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发表于 2006-4-15 21:08
to booooooooks 
. if considering kids in day care, it's better living in montreal. however the elementary school in US is as good as that in montreal. much better Universities can be found in US as every one knows:wink: .
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