I was in US till 2009 and contributed to traditional IRA 2 years till then. Then I moved to Canada. This year I started working from Aug 1st for US employer , remotely (at home) in Canada. I moved to US back from Nov 12. I did not plan to contribute anything to Canadian RRSP(IRA of Canada) Will someone be kind enough to let me know hoe much I can contribute this year for IRA (5 months work and 2 month stay till this year end)
Also how much my wife can contribute who worked in Canada till Oct end(no contributions there) , no job started here ye and no plans to work for her till year end?
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Treffen
Senior Member
posted: Dec. 8, 2012 @ 10:50p
You: The amount that will show on your joint US tax form 1040 line seven or $5000, whichever is less.
Your wife: The amount shown on your joint 1040 line seven less the amount that you contributed or $5000, whichever is less.
Between the two of you, the total of line seven or 10k.
samandy
Member
posted: Dec. 8, 2012 @ 11:01p
thanks! So I will come to know only when I file taxes?
Andy
BADADVICE
Cranky Member
posted: Dec. 9, 2012 @ 12:43a
The length of time you worked is a non-issue. It's all about your earnings in US. How much did you make while you lived in the USA?
BlueSeaLake
Senior Member - 1K
posted: Dec. 9, 2012 @ 12:52a
But you have until mid April 2013 (roughly) to make contributions for 2012, so you have lots of time and will have figured out your 1040 line 7 by then.
Treffen
Senior Member
posted: Dec. 9, 2012 @ 1:07a
samandy said: thanks! So I will come to know only when I file taxes?
Andy
Or as soon as you you know what will wind up on there. And as mentioned you can make the contribution even after you file, up until April 15th 2013. It's the sure way to get it right.
samandy
Member
posted: Dec. 9, 2012 @ 9:26a
Got it! Thanks all. I made more than 5K this year in US.
Treffen
Senior Member
posted: Dec. 9, 2012 @ 8:01p
samandy said: Got it! Thanks all. I made more than 5K this year in US.
If between you and your wife, you've earned 10k or more you can EACH contribute up to 5k, even if she earned less than 5k.
samandy
Member
posted: Dec. 12, 2012 @ 10:17a
What if my wife did not earn in US? We just moved ,and she earned in Canada but not here yet? Appreciate any input!
fw101
Silly Member
posted: Dec. 12, 2012 @ 10:32a
samandy said: What if my wife did not earn in US? We just moved ,and she earned in Canada but not here yet? Appreciate any input! No go. ETA: This was mentioned above but worth repeating. If YOU have 10k in US earned income, both you and your spouse each qualify for the max 5k contribution.
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