After TD Waterhouse was bought by NBCN, we found out we will no longer be receiving 1099s for our investments. Anyway I have the Canadian forms, but I'm not sure how to use it for my US taxes. I have:
(3) Total Gross Foreign Income
(5) Total Gross Income from Foreign sources
(6) Total Foreign tax paid
(W) Total Administration Fees
(Y) Total Account fees
How do I interpret this into Qualified Dividends vs Ordinary Dividends, and are my 'foreign' taxes paid US taxes paid given that this is account (though in Canada) is all US funds? It's confusing because TD put all of the taxes under Foreign on the 1099 even though they are US stocks.
No 1099-DIVs...
Moderator: Mark T Serbinski CA CPA
Hi,
This doesn't sound right. TD Waterhouse is a qualified intermediary, and should remain this way after NBCN bought them. If they are a qualified intermediary, I believe they must provide you and the IRS with 1099-DIVs.
Also, it sounds like the info they sent you isn't correct for US reporting, so in the short term, you may have to figure it out yourself.
For information, I have found that the 1099-divs that my broker sends me aren't correct as they don't seem to handle US based ETFs properly. I had dividends from the far East held in a US based Ishares ETFs and the 1099-div did not mention the foreign taxes, and only the net dividend was shown as qualified. When I looked at the Ishares dividend character summaries, I realized that CIBC was only reporting what I received and didn't bother determining the income character from the ETF. I also got US bond interest through a US ETF and it was reported as a qualified dividend. I guess they don't bother to get the details from the US ETF companies.
So, my point, you probably need to figure out the US reportable income anyway from statements and trade confirmations, etc.
Hope this helps.
This doesn't sound right. TD Waterhouse is a qualified intermediary, and should remain this way after NBCN bought them. If they are a qualified intermediary, I believe they must provide you and the IRS with 1099-DIVs.
Also, it sounds like the info they sent you isn't correct for US reporting, so in the short term, you may have to figure it out yourself.
For information, I have found that the 1099-divs that my broker sends me aren't correct as they don't seem to handle US based ETFs properly. I had dividends from the far East held in a US based Ishares ETFs and the 1099-div did not mention the foreign taxes, and only the net dividend was shown as qualified. When I looked at the Ishares dividend character summaries, I realized that CIBC was only reporting what I received and didn't bother determining the income character from the ETF. I also got US bond interest through a US ETF and it was reported as a qualified dividend. I guess they don't bother to get the details from the US ETF companies.
So, my point, you probably need to figure out the US reportable income anyway from statements and trade confirmations, etc.
Hope this helps.
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MGeorge is neither an accounting nor taxation professional.
MGeorge is neither an accounting nor taxation professional.