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Amend 1040 for Canadian T4

  • 1.  Amend 1040 for Canadian T4

    Bronze Most Valuable Member
    Posted 04-22-2019 13:39
    I need to amend a 2018 1040 for a client whose firm prepared a group Canadian return for 2018 after I had prepared and e-filed  his 1040 for 2018.
    The firm provided written advice in mid-March for the client to file his return as the Canadian return would be submitted too late for April 15th deadline and prepare to amend the return.
    Before I proceed I have a few questions as this is the first time I've dealt with T4.
    The only boxes that are completed on the T4 is Box 14 for Employment Income and Box 22 for Income Tax Deducted.
    First - are these in US Dollars or Canadian Dollars and is the Canadian conversion rate required? If known - what is the rate?
    Second - is the T4 form all that's required to submit the Amended return?
    Must a copy of the T4 be submitted with the amended return?
    Thanks for your help.

    AIRMONT, NEW YORK 10952-3816
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  • 2.  RE: Amend 1040 for Canadian T4

    Posted 04-23-2019 06:47
    The Canadian T4 is in Canadian dollars. The conversion rate for the 2018 tax year is .7721. The taxes withheld on the form is not relevant. You will need a copy of the Canadian return to obtain the actual tax liability to use as the foreign taxes on the 1116. Depending if there was other income on the Canadian return the amount associated with the T4 income will need to be prorated. If you have any fury questions please feel free to contact me.

    Linda Weingust
    Weingust Accounting & Taxation Inc.