jmfskipper Posted March 12 Report Share Posted March 12 Hi, I just received a 1042-S form from dividends income from a US stock. How do I go about entering the information from the 1042-S form into UFile? I selected "Foreign income - dividends" and U.S. Then entered the exchange rate. 1042-S states Gross income of X, with Exemption code 15, Tax rate 15.00, and Federal tax withheld Y. Should I enter X or X-Y into "foreign income received"? Y was already deducted at source. "foreign tax paid" is Y (btw, this amount makes no difference in total refund!) Anything in the "Income exempt under a tax treaty"? I found that a large % (greater than my highest tax bracket) of "foreign income received" will be deducted off my final refund. I don't get it! Thanks for any insights. Quote Link to comment Share on other sites More sharing options...
Geo123 Posted March 12 Report Share Posted March 12 Hello jmfskipper, See below for an example of how to enter the 1042-S. Regarding X or X-Y and "Income exempt under a tax treaty" (probably not) please contact the CRA. Example : There are various types of IRS investment tax slips * 1099-DIV *1042-S Summary of Investment Income To enter these IRS slips:.For example 042-S Summary of Investment Income >>>Interview setup (left hand navigation pane - - beneath “CRA Express NOA”) >> Double click “interview setup” >>On right hand of screen Find the section [Investment income and expenses] >>Select Foreign income or foreign property (T1135) - - > >>Foreign capital gains - Stock, mutual funds & other non depreciable property >>In the section [Foreign non-business income] >>Income from foreign dividends (or interest / capital gains / other) *Country from where you received the foreign income If the country signed a tax treaty with Canada, a deduction under 20(11) will not be allowed. [United States (tax treaty with Canada)] *Description of the source of the foreign income [042-S Summary of Investment Income] If you are entering amounts in Canadian dollars, enter 1 for the exchange rate. The average exchange rate for $US was 1.3497 in 2023. See the Bank of Canada's website (www.bankofcanada.ca) for other exchange rates. *Exchange rate to apply [1.3497] *Amount of foreign income received [$1,000.00] *Amount of foreign tax paid [$25.00] Quote Link to comment Share on other sites More sharing options...
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