NeonNanBell Posted March 21 Report Share Posted March 21 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! Quote Link to comment Share on other sites More sharing options...
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