1042S reporting on Schedule NEC

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filkry
Posts: 14
Joined: Tue Feb 24, 2015 5:27 pm

1042S reporting on Schedule NEC

Post by filkry »

Hello,

Canadian resident/citizen filing 1040-NR (have US income other than source of this question). I have a 1042-S from a Canadian/International brokerage, in which I hold some US ETFs I transferred when I moved from US to Canada. The 1042-S is reporting some dividends under income code 06 (" Dividends paid by U.S. corporations-general"). I need to report this on Schedule NEC of my 1040-NR. My tax prepare is saying I should report it under line 1b ("Dividends paid by foreign corporations") since the withholding agent/1042-S issue is a non-US company, but I think it should be reported under line 1a ("Dividends paid by U.S. corporations") since the income code states the U.S. source.

Which of us is correct? Thanks for any insight.
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nelsona
Posts: 18676
Joined: Wed Oct 27, 2004 2:33 pm
Location: Nowhere, man

Re: 1042S reporting on Schedule NEC

Post by nelsona »

They are from US corps. 10% flat taxed.
After 20 years, I am severely cutting back on responses. Do not ask specifically for my help. There are a few others on this board that can answer most questions. All the best
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filkry
Posts: 14
Joined: Tue Feb 24, 2015 5:27 pm

Re: 1042S reporting on Schedule NEC

Post by filkry »

Thank you, appreciate the response.
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