Are you in Canada?
CANADA This is the U.S. TurboTax public user forum. For help with Canadian taxes, please post your question in the Canada TurboTax user forum., at the following link.
https://turbotax.community.intuit.ca/community/turbotax-support/help/03/en-cahttps://turbotax.intuit.ca/tax-software/index.jsp
Form T4PS is a Form used by Revenue Canada,T4PS Statement of Employee Profit-Sharing Plan Allocations and Payments.
Your employer will issue you a T4PS slip reporting how much you received in employee profit sharing plan (EPSP) allocations during the year (in Canada).
Did you participate in a retirement plan of a Canadian employer or entity or were you a beneficiary on such a plan? If not, I would ask the issuer of the Form T4PS, why you got it.
I have the form, but am trying to figure out where I put the information on my US tax form. There is no account number on form and only a capital loss listed.
So what form or line do I list this on?
I have the form, and was a beneficiary in a Canadian plan. I am trying to figure out where I put the information on my US tax form. There is no account number on the form and only a capital loss listed.
So what form or line do I list this on?
Since your Form T4PS, Statement of Employee Profit-Sharing Plan Allocations and Payments reflects only negative income -- your capital loss -- there's no need to enter this in TurboTax, since it will have no impact on your return.
If positive income had been reported to you, you would most likely have been able to exclude via the foreign income exclusion.
That logically makes no sense. How can entering a capital loss not effect your tax return amount? I have the same issue and if I enter my capital loss temporarily as a 1099-B I can immediately see my return amount rise.
Should I just put the losses under the 1099-B stocks and bonds section and just upload a copy of the document?
Is the profit sharing from stock?
If so, you could report this as a capital loss since it is a stock-based instrument in your profit sharing. To report, go to: