How do I claim a Schedule K-1 from the US?

[TurboTax-Terry]

The IRS Schedule K-1 is similar the the Canadian T5013.

[TurboTax-Terry]

https://www.canada.ca/en/revenue-agency/services/forms-publications/publications/t5013-inst.html#wb-...

[CarolineSanFran]

Thanks. 

However, I dont see  an explanation of where to insert Distributions  in Cash from line 19 of a K1 schedule of partnership income  in the CRA description of form 5013 here.

Would you have a step by step correspondence between the K1 and Turbotax available ?

Thanks,

[TurboTaxGinette]

Unfortunately, we do not have comparisons from US forms to Canadian information slips but the Canada Revenue Agency (CRA) would be able to clarify as to the information they require to be entered in the return. Some boxes are sometimes not needed to be entered and we do not have that information for US information slips. To contact the CRA please call them at    1-800-959-8281.

Thank you for choosing TurboTax.

[gmon1953]

Do I have to claim a K-1 if the distributions are in a registered account like a RRSP or TFSA?

[TurboTaxSusan]

@gmon1953 

No, you don't need to claim US distributions to registered accounts like the TFSA or RRSP.

Income earned within in an RRSP is not taxable until you withdraw it. So, you don't have to report any dividends or capital gains that arise from your RRSP investments. The TFSA is treated the same way, except that withdrawals are also tax free. 

However, while the Canada/US tax treaty recognizes the RRSP as a tax-deferred vehicle, the TFSA is not. Therefore, you may need to pay withholding tax to the US if you have US investments in your TFSA account. This withholding tax can't be claimed on your Canadian taxes, so you can't get it back with the Foreign Tax Credit.