I received dividends from a Canadian bank account that my father holds in trust for myself. How would I claim these funds on my taxes?

[hilaryruby]

I have received a T5 statement of investment income form from the Canada Revenue Agency. Do I need to claim this on my American taxes and how if so?

[Irene2805]

Yes - you do have to declare the investment income reported to you on the Canadian Form T5 - Statement of Investment Income. Enter the dividends as if they were reported on a 1099-DIV:

1. Click on Federal > Wages & Income. 
2. Scroll down to the Interest and Dividends section and click on the Start/Revisit box next to Dividends on 1099-DIV.
3. Answer Yes to Did you receive any dividend income? (even though it was not reported on a 1099-DIV)
4. On the next screen, click on I'll type it in myself.
5. Enter the dividend information and continue through the rest of the interview.

[hilaryruby]

Thank you for your reply. How would I enter the amount on the 1099-DIV in Canadian funds? 

[Irene2805]

You need to convert the Canadian amounts to U.S. dollars and then enter the U.S. dollar amounts in TurboTax.  Use the "taxable amounts" from the form.

You have a choice of which rate to use, so use the one that is most beneficial to you.  Here are some resources for exchange rates.  If given a choice of a date, use December 31, 2021.

• IRS - Yearly Average Currency Exchange Rates

• Treasury Department's Currency Exchange Rate

• Federal Reserve Bank