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R
R2-J8
Level 2
June 18, 2020
Question

T5013

  • June 18, 2020
  • 2 replies
  • 25 views

I have a client that received a Canadian form T5013.  Where do I report this on the 1040?

 

Thank  You

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2 replies

sjrcpa
sjrcpa
Level 15
June 18, 2020

The  same place you would if it was on a 1099. What is a T5013 for?

The more I know the more I don’t know.
    itonewbie
    itonewbie
    Level 15
    June 19, 2020

    This is a Canadian partnership return.  At a high level, you would report that as partnership income.

    You still need to ask more questions as these could trigger additional reporting and filing requirements.  Substantial penalties are imposed on failure to comply with these requirements:

    • Does the partnership have any US-source gross income or US-ECI?
    • Would the type of income and assets held by partnership cause it to be considered a PFIC?
    • Is this a controlled foreign partnership and is your client a 10% partner by attribution?
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