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.
1042S reporting on Schedule NEC
Moderator: Mark T Serbinski CA CPA
Re: 1042S reporting on Schedule NEC
They are from US corps. 10% flat taxed.
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing
Re: 1042S reporting on Schedule NEC
Thank you, appreciate the response.