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Razi
Level 2

Tax Free Savings account in Canada

The Annual growth (excluding unrealized capital gains) would be taxable at your marginal rate in the USA

 

Any growth and future realized capital gains will be taxable in the USA. In addition to the taxation of the Income, an annual trust filing (Form 3520 & 3520-A) are required. 

 

What forms to use with TURBOTAX online and from where do I obtain 3520 and 3520-A?

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1 Reply
DawnC
Expert Alumni

Tax Free Savings account in Canada

Neither Form 3520, nor Form 3520-A gets filed with your tax return and they aren't supported in TurboTax.  However, you can click on those links for more information about those forms.

 

If you have Canadian income and you are filing a US tax return, see this article:  How to Report Foreign Income 

 

 

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