US Investment Shares - 1042-S and Schedule K-1 - reporting income

[NeonNanBell]

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 5^th 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!

[Geo123]

Hello NeonNanBell,

Before responding to your query we must first determine :

A) Is the taxpayer a US citizen or Green Card holder?

 B) Are you aware if the K-1 represents a business requiring your spouse to file either a 1040 or 1040NR?

Please contact us and open a request ticket and submit an anonymous file for review on-line at https://www.ufile.ca/contact/contact-us  ATTN : Geo