Mapping Canadian T3 to American 1099-DIV

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erfan1985
Posts: 22
Joined: Sat Dec 05, 2020 5:41 pm

Mapping Canadian T3 to American 1099-DIV

Post by erfan1985 »

Hi all,

I m a US resident for tax and one of my brokage accounts in Canada has issued me a T3 and I ve been struggling to map the boxes. I have amounts in boxes 49-51, 21-26, 30, and 42. Was wondering if anyone can help on which one goes to the boxes of 1099-DIV?

Also I have added this to my CRA tax return and it is adding to the tax I owe. Can I enter this tax that I m going to pay to Canada in the 'foreign tax paid" box in the 1099-DIV?
nelsona
Posts: 18314
Joined: Wed Oct 27, 2004 2:33 pm
Location: Nowhere, man

Re: Mapping Canadian T3 to American 1099-DIV

Post by nelsona »

To reclaim any foreign tax calculated on your return, you have to use form 1116, not thru the made-up 1099-DIV.
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing :D
erfan1985
Posts: 22
Joined: Sat Dec 05, 2020 5:41 pm

Re: Mapping Canadian T3 to American 1099-DIV

Post by erfan1985 »

I have both T5 and T3 from this canadian broker. It has many different field and is confusing to me and the total value is less than 500 CAD.

I decided not to use the numbers on those tax forms for US. I just went to my account and summed up all the dividends I received in the last year and entered it in both Ordinary and eligible dividends boxes (1a and 1b) on 1099-DIV (after converting to USD). Then I combined the values in box 26 of T5 and box 51 of T3 forms (tax credits) and added them to 1099-DIV, box "Federal income tax withheld".

Does this sound stupid or it should be ok?
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