Filing a 1042-S (from Twitch) and Paypal income on Turbotax

[laurenridgley]

Hi there,

I've been looking everywhere trying to figure out how I am supposed to file a 1042-S form on Turbotax. The information I have seen has not helped me to understand the process better. Is there a specific line/section I put the information in, or am I unable to file a 1042-S within TurboTax as a Canadian citizen earning income from an American company? I am very confused and getting anxious on what to do.

Another question how do I report any Paypal income for the year 2019? 

Thank you

[greatHOVA]

ok i check it online heres a copy

How do I apply the 1042-S form to my tax return?

Open the “Foreign” Slip and apply 1042-S Box 2 in “Foreign Interest & Dividends” – Box 7a in “Foreign Taxes Paid”. Amount entered will calculate to line 12100 of the Canadian tax return (T1). Foreign taxes paid will be applied as a Foreign Tax Credit, on line 40500. Furthermore, if you received a 1099-INT/DIV slip, you will apply the amounts in the same boxes mentioned previously.

Ensure you specify the source country (USA) and enter the exchange rate so the amount can be converted to CDN$. Example US$1=CDN$1.3, the exchange rate that will be entered is 1.3. You may want to apply a “note” to each slip as well to be able to easily identify them if needed later.

i did sample it in my turbo tax 2021.

in PROFILE steps you will be ask DID YOU WORK? press YES

one option there will be FOREIGN - income from outside

check the box

and when you are in the INCOME AND EXPENSES steps you will ask to enter your foreign slips info

thats where you enter your 1042-s

2 foreign income then make another foreign slips name it amazon and the other is twitch

for 2019 you need to pass it in turbo tax 2019 version

same say the thing is you can make a changes to any submitted tax returns after they made an assessments

👍