@tbudd This was a useful read - given I am in the same boat. First off, I have Fidelity holding my foreign assets too - can you tell me why they refused in sending/creating a 1042-S instead of a 1099 given you have a foreign legal address (India)?I feel the entire benefit of the 1042-S of withholding tax, which can easily then be used as proof of tax paid in India in form 67 would get beaten? This seems inaccurate & odd. I was bit worn out by the 'almost manual' process with Sprintax - do let me know if taxAct is any better, @nralien
Directed at both of you : Do you calculate your foreign income for 'India taxes' using calendar year or FY? Reason I ask is while the tax law maybe read literally to calculate FY format, however the calendar seems to be more a practical method given proof of tax payment too exists, while in filing FY format, the January-March quarter, unless you have 1042-S withholding for every single account, causes a double taxation issue
Please do share your detailed thoughts - I am plagued by the same.
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