- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
I need help deciphering Canadian T4 for US tax reporting on US Form 1040 and Form 2555. Where do I find specific information about how to handle boxes 34, 38, 40 and 14?
1). Box 34 (Personal Use of Employer's Automobile) Approx CAN$7,500
2). Box 38 (Security Options Benefits) Approx CAN$250
3). Box 40 (Other Taxable Allowances and Benefits: TAB-GROUP INS 2) Approx CAN$1,000
4). Box 14 (Employment Income) Approx CAN$108,750. This is the GRAND TOTAL of the above three items (Boxes 34, 38 and 40) together with CAN$100,000 of ordinary wage earnings.
2). Box 38 (Security Options Benefits) Approx CAN$250
3). Box 40 (Other Taxable Allowances and Benefits: TAB-GROUP INS 2) Approx CAN$1,000
4). Box 14 (Employment Income) Approx CAN$108,750. This is the GRAND TOTAL of the above three items (Boxes 34, 38 and 40) together with CAN$100,000 of ordinary wage earnings.
Topics:
‎February 24, 2022
4:31 PM