Received 1099 DIV - Do I have a US filing requirement?

trm · Post by **trm** » Tue May 26, 2015 10:21 am

hello, I opened up a motif trading account in the US and I received a 1099DIV for $17 this year. They did not withhold any taxes.

Do I have a US filing requirement? Since the value is so small, does the IRS follow up and chase these type of issues?

thanks.

JGCA · Post by **JGCA** » Tue May 26, 2015 9:59 pm

I do not think anyone will chase you for $17 but make sure theyknow you are a non resident in case the numbers go up in the future and you have to worry abou this unless you are filing wben forms to exempty oncome from tax witholdings.

nelsona · Post by **nelsona** » Wed May 27, 2015 9:41 am

They know thta you are Cdn resident. Because 99.9% of brokers are not legal to deal with Cdn residents.

trm · Post by **trm** » Mon Jun 01, 2015 6:57 pm

[quote="nelsona"]They know thta you are Cdn resident. Because 99.9% of brokers are not legal to deal with Cdn residents.[/quote]

Do you mean they DON'T know I am a canadian resident. And by 'they' do you mean the broker or the IRS?

What i want to avoid is the IRS expecting a return from me in the future. So the best plan is likely to get a W8BEN form signed and sent to the broker. Would you agree?

nelsona · Post by **nelsona** » Tue Jun 02, 2015 9:46 am

My question should have read. Does the brokerage know that they are dealing with a Cdn resident, which would violate SEC regulations?

trm · Post by **trm** » Tue Jun 02, 2015 7:47 pm

I am assuming that they don't know. If it is against SEC regulations then they would like close the account rather than accept the W8BEN.

nelsona · Post by **nelsona** » Wed Jun 03, 2015 4:55 am

Exactly. You are in illegal territory right now.