I have to ReFILE for 2019 for foreign dividends were reported for that tax year but were originally reported in the incorrect area.
This is for my husband - who does not work in the States, these are US based shares purchased through Canadian employer.
He received a Distribution payout of $5,590 USD in the last quarter of 2019.
BACKGROUND INFO:
For this tax year, he did not have over $100k CAD in foreign property so T1135 not required.
I have added in Foreign Income and Property from Interview Set-Up.
I want to confirm how to enter everything correctly from the forms received.
Here is what I have:
A 1042-S that states:
$2131 for Gross Income
$338 for Federal Tax Withheld
$18 Overheld Tax Repaid to Recipient Pursuant to Adjustment Procedures; and
$320 Total Withholding Credit
A Schedule K-1 (Form 1065) that states:
$50,000 Contributed Capital through the year
$2128 for Current Net Year Income
$5590 for Withdrawals and Distributions; and
$46,538 for Ending Capital Amount
QUERY 1:I checked/added “Income from Foreign Dividends” (I think that's the right selection) – I can complete the first 3 boxes – question re the 4th box "Amount of Foreign Income Received" - am I just to add $5590 for Withdrawals and Distributions? And question re the 5th box "Amount of Foreign Tax Paid”– what specific amount from the above do I enter for that box?
QUERY 2:What other form do I need to check/add (under the Foreign Income and Property heading) to account for the Income produced off the initial capital invested?Is it “Foreign Interest Income”?What do I enter from the above stated figures and where?
US Investment Shares - 1042-S and Schedule K-1 - reporting income
in Reporting income
Posted
Hi...
I have to ReFILE for 2019 for foreign dividends were reported for that tax year but were originally reported in the incorrect area.
This is for my husband - who does not work in the States, these are US based shares purchased through Canadian employer.
He received a Distribution payout of $5,590 USD in the last quarter of 2019.
BACKGROUND INFO:
For this tax year, he did not have over $100k CAD in foreign property so T1135 not required.
I have added in Foreign Income and Property from Interview Set-Up.
I want to confirm how to enter everything correctly from the forms received.
Here is what I have:
A 1042-S that states:
$2131 for Gross Income
$338 for Federal Tax Withheld
$18 Overheld Tax Repaid to Recipient Pursuant to Adjustment Procedures; and
$320 Total Withholding Credit
A Schedule K-1 (Form 1065) that states:
$50,000 Contributed Capital through the year
$2128 for Current Net Year Income
$5590 for Withdrawals and Distributions; and
$46,538 for Ending Capital Amount
QUERY 1: I checked/added “Income from Foreign Dividends” (I think that's the right selection) – I can complete the first 3 boxes – question re the 4th box "Amount of Foreign Income Received" - am I just to add $5590 for Withdrawals and Distributions? And question re the 5th box "Amount of Foreign Tax Paid”– what specific amount from the above do I enter for that box?
QUERY 2: What other form do I need to check/add (under the Foreign Income and Property heading) to account for the Income produced off the initial capital invested? Is it “Foreign Interest Income”? What do I enter from the above stated figures and where?
TIA for any assistance!