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posted Dec 8, 2020 5:59:26 PM

Home Depot employee stock purchased by Canada employee and received U.S. Form 1042-S for reporting

I purchased stock from my employer Home Depot in Canada and received US income tax Form 1042-S.  I am not sure what to do with the tax form.  What line(s) in my 2019 Canada income tax return is U.S. Form 1042-S reported?

eg.

box

1 income code  06

2 gross income 2.00

3a Exemption code 00

3b Tax rate  15.00

4a Exemption code 15

4b Tax rate 0.00

13f  Ch. 3 status code 16

13g Ch 4 status code 23

0 1 268
1 Replies
Level 6
Dec 10, 2020 7:18:18 AM

Hi, thank you for using Intuit TurboTax Community

Looks like you received dividends from your stock. Residents of Canada must report their world wide income which would include dividends from a US corporation. The gross amount of foreign dividends are reported on line 12100 of the T1; line 12000 is only for Canadian sourced dividends as would be reported on a Canadian slip such as a T5. Any tax withheld on foreign dividends may be eligible for a foreign tax credit

Hope this helps