As we enter tax season, here’s a reminder of all the different times for personal U.S. tax filings:
That was the deadline for grantor trusts (form 3520-A), but it can be extended to September 15. Most family trusts set up by Americans in Canada are grantor trusts.
Regular tax returns (form 1040). Those of you with clients living here on that date have an automatically extension to June 17 without filing anything. Interest applies if your client owes tax, but no penalty.
If you use form 4868, your client can gain an extension to October 15. A further extension is available to December 15.
If your client moved here during 2012, and plan to use the Foreign Earned Income Exclusion, he may extend to January 30, 2014. Use form 2350.
Extending the due date for a personal tax return also extends the due date for the supplementary information filings:
- corporation 5471
- trust 3520
- partnership 8865
- specified financial assets 8938, RRSP/RRIF 8891, etc. and
- gift tax returns (709)
First extended due date for 1040s. If your client hasn’t filed an extension request (form 4868) by this time, the late-filing penalty starts to apply.
Foreign Bank Account Report (TD F 90-22.1). This form is separate from the tax return. It must be filed in paper — no computer filing allowed.
By this date your client should have received all K-1s from U.S. partnerships and trusts. September 15 was also the extended due date for the grantor trust information return (form 3520-A).
If your client can’t file by this date, advise her to request an additional extension to December 15. She can only do this if she’s living abroad. There is no form for this request — she’ll have to use a letter.
Read: Common U.S. tax troubles
This is the final deadline if your client requested the plain-paper extension (see October 15, above)
This is the final deadline for people who were waiting to see if they qualified for the Foreign Earned Income Exclusion (see April 15, above).