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| Tax Form 1042-s. What the heck is it? https://www.hawthornevillager.com/phpbb/viewtopic.php?f=1&t=16117 |
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| Author: | grrreg [ Sat Feb 28, 2009 11:02 am ] |
| Post subject: | Tax Form 1042-s. What the heck is it? |
Ok so I got a form from my work called 1042-s. My tax software package has no area to enter the data, google searching has not done more than tell me its the same form Canadians get when they win money in US Poker Tournaments ?!?!? Can anyone give me some clarity on this? It is for a very small amount i just want to ensure if I should be entering it that I am. ANy help is appreciated. |
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| Author: | Ehsan&Francesca [ Sat Feb 28, 2009 6:08 pm ] |
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Are you working in the US? Or is your paycheque processed by a US location, and then paid to you? |
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| Author: | grrreg [ Sun Mar 01, 2009 12:16 am ] |
| Post subject: | |
Ehsan&Francesca wrote: Are you working in the US? Or is your paycheque processed by a US location, and then paid to you?
No I work for an australian company but get paid from the Canadian operations. I believe this may be related to profit sharing or stock purchase plan. Thanks for the link Miltons, i found that as well while searching. It doesn't however give the information I require for filing of Canadian taxes. I don't intend on filing a US return. |
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| Author: | miltonLeo [ Sun Mar 01, 2009 5:59 pm ] |
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It sounds to me like it's a form showing how much tax was already withheld by the US govt. If that's the case, you account for it on the Federal Foreign Tax Credit (T2209) form. Basically that's the way to deduct US taxes already paid -- i.e., withheld -- from your net Cdn income tax owing. Then re. existing treaties the governments work it out behind the scenes. We have this each year as a result of US tax withheld on NYSE dividends. I'm not certain this is exactly your issue (i'm too lazy to dig out our old tax returns and see exactly what form they send) but it sounds similar enough that I'd say you should check out the Foreign Tax Credits. In your case it might be related to dividend reinvestment in your stock purchase plan, for which they withhold tax at source? |
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