I am a U.S. resident and recently received a NR4 for $101 interest income earned in Canada.
Am I supposed to receive a 1099 for these? Is this interest reportable to the U.S.? Does the NR4 get reported to the IRS? and takes the place of the 1099 or should I be asking for a 1099? I also note the form only covers one of two interest bearing accounts I have in Canada. Should I be asking for the form 1099 on that account as well?
NR4
Moderator: Mark T Serbinski CA CPA
Regardless of whether you receive anything from the institution, you must report any interest you earned to the IRS.
You won't be getting any 1099s. Cdn payors are not required to provide IRS-type forms to their US clients.
IRS does have the right to request any information CRA has on its citizens, including NR forms.
You can use the interest withheld as a foreign tax credit with form 1116.
<i>nelsona non grata... and non pro</i>
You won't be getting any 1099s. Cdn payors are not required to provide IRS-type forms to their US clients.
IRS does have the right to request any information CRA has on its citizens, including NR forms.
You can use the interest withheld as a foreign tax credit with form 1116.
<i>nelsona non grata... and non pro</i>