TaxCycle | Products | Pricing | Training | Documentation | Support | News

Where to report 1042-s income in TaxCycle

I have a new client with 1042-S income, need advice, please where to report it in Taxcycle?
Thanks!

I believe that is a US tax slip:

You need to report the Canadian dollar equivalent, based on the income source - was it employment income? property income? pension income? etc
You can use the “Foreign” income form in Tax Cycle.

Yes, it’s US income, thank you very much for your advice!

Was it gambling income? If so, not taxable in Canada…

There’s usually a code describing what type of income. A list of the codes is normally on the back of the form

Yes, thank you! I’ve checked it, it’s 15, Pensions, annuities, alimony, and/or insurance premiums

image001.jpg

Tatiana Vlassova

President, First Choice Accounting & Tax Inc.

www.firstchoiceactax.com

Phone: 403-710-2002