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How to transfer US K-1 (form 1065) to T5013
Hello,
I bought IEP shares in my Canadian brokerage firm account, now I received the K-1(form 1065). Please help me and let me know how to transfer from K-1 to T5013 (or should IEP provide me with T5013 form)? In the K-1, there are numbers in Box1, 5, 6a, 6b, 8, 9a, 11, 13, 19, 20.
Thank you!
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Investors and rental owners
You should receive a T5013 (the Canadian equivalent of a K-1) from either from your Canadian brokerage firm directly or your broker for distributions from a foreign ETF held in your brokerage.
Fore more information, please click:
Taxtips.ca Tax Treatment of Income From Investments in Exchange-Traded Funds (ETFs)
Thank you for choosing Turbotax.
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Investors and rental owners
I called my Canadian brokerage firm, they asked me to contact the US stock company directly; I called the US company, they said they only issue K-1 to US investors, they do not issue T5013 to Canadian investors.
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Investors and rental owners
I too have received K-1s from an American ETF that my Canadian financial advisor traded on my behalf. My advisor's office said I needed to enter T5013s from the information on the K-1s when I enter my taxes. But I can't find any information on how to complete T5013s from K-1s online.
I use TurboTax to complete returns for my wife and me. Am I going to have to use an accountant this year?
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Investors and rental owners
@johnreece If you are using TurboTax Online, you can search for “T5013” on the Tax Home page.
If you are using TurboTax Desktop in EasyStep mode, select Income & Expense>T-Slips from the left side menu. Then you can check off the T5013 and then continue through the pages until you get there.
If you are using TurboTax Desktop in Forms mode, you can search for the T5013 by clicking on the Forms icon in the blue icon bar.
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Investors and rental owners
I know how to access the T5013 form in TurboTax online. However, the K-1 does not provide the identifying information required to complete the T5013. In particular, the T5013 requires a CRA 15 digit RZ number for the filer while the K-1 has only their EIN a number only used by the IRS.
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Investors and rental owners
@johnreece If it was a limited partnership, then you can enter you Net partnership income (loss) on the page "Partnership Income Not Reported on a T5013".