Client resides in the U.S. and receives the Canadian form NR4 from two financial institutions in Canada for required distributions from retirement plans. Entering the information in the screen (Intuit Lacerte) where I usually enter retirement distributions (1099R) is not accepted by Lacerte, i.e. critical diagnostic messages occur, like the tax ID numbers format in CA is different from the U.S. Any help would be appreciated very much! Thanks!
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I am just working on these forms for a client of mine - second year. Client receives RMD and two payments for social security equivalent. They are all reported on form NR-4. The retirement income goes on line 8 Schedule 1 and for the mandatory withholding form 1116 is required. Social Security payments do not have any withholding. -
I use ProSeries so I don't know how to specifically direct you but I do prepare a number of returns with Canadian sourced income. What income code is in box 14?
The Social Security equivalent (CPP) is entered into the SSB section so the taxes will calculate properly. The remaining foreign sourced income codes are entered on 1116 and then flow to the proper line such as Pensions, IRA or Other Income. It's all based on the Canadian income code.
All my clients with foreign source income have social security numbers.
I use the exchange rates listed on www.exchange-rates.org.Comment
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Interesting, I also use ProSeries but for the life of me I cannot find any place to enter the income code.Originally posted by mhcpa1964 View PostComment
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My bad...you don't enter the code but rather use it as a guide for 1116. I'll double check tomorrow when back in the office. My email is marie@integritytaxservices if you want to go direct.Comment
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I tried that email but got bounced back...I am pretty confident that I got it right - would be nice to be able to just plug codes and than it goes to all the the place needed.Originally posted by mhcpa1964 View PostComment
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you probably need a .com or other suffixComment
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