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Hi, my son is the beneficiary in Canada. He has some T3 forms with boxes 49-51 filled. How does he account for that in his US taxes since he lives in the US?

 
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Cindy0H
New Member

Hi, my son is the beneficiary in Canada. He has some T3 forms with boxes 49-51 filled. How does he account for that in his US taxes since he lives in the US?

To report foreign dividend or interest income, enter the information as though you had received a Form 1099-DIV, but leave off the Payer's Federal Identification Number. 

Note that if the income is reported to you in foreign currency figures you would use the exchange rate on the last day of the year when converting the foreign figures.

On the T3: box 49 is dividends; box 50 is taxable dividends; box 51 is dividend credit. The US does not have a dividend credit and ordinary dividends are basically taxable dividends.

Here are the steps:

  • Federal
  • Income & Wages
  • Interest & Dividends
  • Dividends 1099-DIV
  • Put amount from T3 box 50 in Box 1a total ordinary dividends (see screenshot)
  • Say no to the FEIN
  • None of these apply to uncommon situations
  • No to qualified dividends




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1 Reply
Cindy0H
New Member

Hi, my son is the beneficiary in Canada. He has some T3 forms with boxes 49-51 filled. How does he account for that in his US taxes since he lives in the US?

To report foreign dividend or interest income, enter the information as though you had received a Form 1099-DIV, but leave off the Payer's Federal Identification Number. 

Note that if the income is reported to you in foreign currency figures you would use the exchange rate on the last day of the year when converting the foreign figures.

On the T3: box 49 is dividends; box 50 is taxable dividends; box 51 is dividend credit. The US does not have a dividend credit and ordinary dividends are basically taxable dividends.

Here are the steps:

  • Federal
  • Income & Wages
  • Interest & Dividends
  • Dividends 1099-DIV
  • Put amount from T3 box 50 in Box 1a total ordinary dividends (see screenshot)
  • Say no to the FEIN
  • None of these apply to uncommon situations
  • No to qualified dividends




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