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Having a problem completing 8949, scheduleD and 1040NR forms

to try and regain withholding...
Having a problem completing 8949, scheduleD and 1040NR forms to try and regain withholding tax from sale of noncovered, long-term shares in 2011. To start, form 1099-B does not show date shares bought 2001, I have this info. Is it necessary to show this 8949 (part 2) column (c)? Column (d) 12/20/2011 and (c) $3399 OK. The cost price in 2001 was $5755 so would this go in column(f)? Also what do I show in Column (b) and (g)?
I'm finding the interpretation of instruction for these forms difficult and unable to find a CPA in Sydney with IRS experience.
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Answered in 5 hours by:
6/1/2012
USTaxAdvising
Category: Tax
Satisfied Customers: 1,237
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form 1099-B does not show date shares bought 2001, I have this info. Is it necessary to show this 8949 (part 2) column (c)? - Yes, you must list the date acquired here. Even if the 1099 does not disclose the date purchased you should still put the date in this field since you know it.

 

The cost price in 2001 was $5755 so would this go in column(f)? - Yes exactly.

 

Also what do I show in Column (b) and (g)? - Nothing would be reported in column g unless you incurred some other costs related to the transaction such as wire transfer fees etc. Generally you would not report anything here for the sale of securities. Column b - nothing to report here unless you have an amount for column g, which I do not anticipate that you do.

 

I hope this has provided the clarity you were looking for, please let me know if you have any further questions.

 

Best regards,

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Customer reply replied 5 years ago

Thank you for your help yesterday, I have now completed form 8949. Re Schedule D working on Part 2, line 9, showing sale price $3399 in column (e) and cost price $5755 column (f) should I show -$2356 in (h) and then should I skip 11 to 14 and show -$2356 in 15? Re part 3, line 16 and 21 -$2356? Re line 22, my 1099-B shows qualified dividends $132, I have checked YES. Is this correct?

1040NR, I find this form quite daunting, not sure what amount goes on which line, maybe I should give you all the data on my 1099-B. Amounts on page 1.

Gross Proceeds (less Commissions and Fees) = $3,399

Federal Income Tax Withheld -Gross Proceeds = $952

Box 1a and 1b Ordinary and Qualified Dividends = $132

Box 4 Federal Income Tax Withheld = $37

All other amoounts under Interest Income and Summary of Original Issue Discount =Nil

Page 2, sale date, Gross Proceeds and tax withheld ($952) already covered.

Page 5, Dividends and Distributions already covered on page 1.

Should I enclose a copy of my 1099B when forwarding by tax forms, also proof of purchase date.

If you require more info. please let me know.

Re Schedule D working on Part 2, line 9, showing sale price $3399 in column (e) and cost price $5755 column (f) should I show -$2356 in (h) and then should I skip 11 to 14 and show -$2356 in 15? - Yes exactly.

 

Re part 3, line 16 and 21 -$2356? - Correct Re line 22, my 1099-B shows qualified dividends $132, I have checked YES. Is this correct? - Yes

 

I think you have got the Schedule D and 8949 down.

 

Regarding your query about the 1040NR, this is a separate question so I kindly request that you place a new question for this query.

 

Thanks.

 

Best regards,

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Customer reply replied 5 years ago

FORM 1040NR

Do I have to submit form W-7 first for an ITIN, or do I send W-7 to IRS together with my other tax forms? Would I be classified as box 5, other married nonresident alien and write in my spouses name etc. and then NRA as identifying number?

For the remainder of this form, I'm not sure which amounts should be written on which line. I will give you all the data on my 1099-B.

Page 1.

Gross Proceeds (less Commisions and Fees) = $3,399

Federal Uncome Tax Withheld -Gross Proceeds = $952

Box 1a and1b, Ordinaly and Qualified Dividends = $132

Box 4, Federal Income Tax Withheld = $37

All other amounts under Interest Income and Summary of Original Issue Discount = Nil

Page 2.

Sale date, Gross Proceeds and Tax withheld ($952) already covered.

Page 5.

Dividends and Distributions already covered on page 1.

 

It is my understanding that I should enclose a copy of 1099-B with tax return

The Macquarie Bank (Sydney) who arranged the buying and sale of shares sent me the incorrect link for 1040NR 2011, they sent 1040NR 2008 and this didn't help me in my confused state!!!!

Customer reply replied 5 years ago
I submitted a question re form 1040NR on Saturday 2nd June (Australian time) but no answer, is there a problem? Do I need to submit question again>
Yes you will need to post this is a new question. Thanks.
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Customer reply replied 5 years ago

FORM 1040NR

I am unsure about completing this form so maybe I should give you all the data on my 1099-B. Amounts on page 1.

Gross proceeds (less Commisions and Fees) = $3,399

Federal Income Tax Withheld - Gross Proceeds = $952

Box 1a and 1b Ordinary and Qualified Dividends = $132

Box 4 Federal Income Tax Withheld = $37

All other amounts under Interest Income and Summary of Original Issue Discount = Nil

Page 2.

Sale date, Gross Proceeds and tax withheld ($952) already covered.

Page5.

Dividends and Distributions already covered on page 1.

Form 1042-S confirms Gross Income $132, dividends paid and dates of process in 2011. Do these need to be shown on the 1040NR form or just forward with tax return?

Hope you can help me with this form.

 

I have checked 5 on 1040NR, other non resident alien. Is this correct? And listed my spouses name and NRA for identifying number.

checked 7a and then 1 for 7d

9b and 10b have shown $132 for both

14 have shown -$2356

Not sure about 23

41 taxable income $3700

60 shown nil

61a $952

69 and 70 $952

Haven't filled in page 3 and 4 and go to 5

Have I missed anything?

 

 

 

 

Customer reply replied 5 years ago

I need help with Form 1040NR. I have checked 5, page 1 on this form, other nonresident alien - Is this correct? And listed my spous's name and then NRA for identifying number.

Checked 7a and then 1 for 7d.

9b and 10b have shown $132 for both, ordinary and qualified dividends.

14 have shown -$2356 (from schedule D)

Not sure about 23

41 taxable income $3700

60 have shown NIL

61a $952 (tax withheld)

Have I missed anything

Didn't fill in pages 3 and 4 and went to 5.

 

I have checked 5, page 1 on this form, other nonresident alien - Is this correct? - Yes this would be correct. And listed my spouse's name and then NRA for identifying number. - I would not list anything about your spouse here.

 

Have a look at the the attached instructions here - http://www.irs.gov/pub/irs-pdf/i1040nr.pdf

 

If I recall your facts I believe you meet the "Simplified Procedure for Claiming Certain Refunds" on page 4. Have a look through the Procedure and let me know if you have any questions and I'll do my best to assist.

 

Best regards,

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Customer reply replied 5 years ago

Regret my previous question and how I have completed form 1040NR was not answered in full. Not sure if how I have completed this form, as shown in previous question, is OK or not.

Unable to follow instructions on page 4, Simplified Procedure for Claiming Certain Refunds. Where and how do I complete this on page 4?

Page 5, I have only filled in A and B, would any other line need to be completed?

Checked 7a and then 1 for 7d. - Correct. I am reviewing the instructions again and I believe my statement above is incorrect. If you checked box 4 in the filing status section you will list your spouse's name.

 

9b and 10b have shown $132 for both, ordinary and qualified dividends. - If you don't have any interest income nothing should be listed on line 9a or b. Dividends are reported on lines 10a and b.

14 have shown -$2356 (from schedule D) - Correct

Not sure about 23 - This would be -2,224

 

41 taxable income $3700 - this should be NIL

 

60 have shown NIL- correct

 

61a $952 (tax withheld) - This is probably correct although if you received Form 1042S then you would put in the amount in 61d.

 

Have I missed anything? - I don't know for certain but it seems this is probably correct. Did you get an ITIN? You need this to file the form. It will not be accepted without your ITIN.

 

Didn't fill in pages 3 and 4 and went to 5. - I believe you will need to complete page 4.

 

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Customer reply replied 5 years ago

Reviewing your last answer,the 1042-S form shows only Gross income $132 and dates dividends received. Also shows Income Code 06: Dividends paid by US Corporations - general, Tax Rate 0.00%, Exemption Code 04: Exempt under Tax Treaty.Not sure where tax withholding $952 shown on1099B (which is what I need to regain) should be listed now.

Would it help to complete form 1040NR if I listed the data on 1099B?

Instructions I have read say to send tax return together with W-7 form before ITIN given.

Or should W-7 and passport verification be sent first and when ITIN received, then send tax return?

 

So the dividends would be reported on line 1a of page 4. 0% in column D.

 

The 952 would not be reported on page 4. It is reported on page 2. The information on your 1099B would be reported on the 8949 and Schedule D as well as on page 4 (at the bottom) since you have a loss nothing gets reported on line 9 of page 4.

 

Instructions I have read say to send tax return together with W-7 form before ITIN given.

Or should W-7 and passport verification be sent first and when ITIN received, then send tax return? - I think that both of these methods work. I forgot that you can apply for the ITIN when you send in the return with the W-7

 

I hope this helps. Let me know if you have any further questions.

 

Best regards,

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Customer reply replied 5 years ago

Have completed PAGE 4 on form 1040NR as follows:-

1a (d) $132 and 0%

Line 9 NIL, or should this be shown as "0"

Line 13 (d) $132 and 0%

Not sure what to show Line 14, think it is "0". Multiply $132 x 0%

Line 16 -

(a),(b) (c) (d) and (e) same information as form 8949, (f) LOSS = -$2356

Line 17 -$2356

Line 18 (g) "0"

PAGE 5

A and B have written AUSTRALIA

Line C to K Either NO or N/A

Not sure about L 1-Claiming Exemption from Income Tax etc. Don't think this applicable to me.

L2 have shown NO (because I'm not sure). Is this correct?

What happens if my tax return is not accepted by the IRS for some reason, will they advise me where I have made an error/errors? I have had my passport verified twice now because I checked the incorrect box on the W-7, and now submitting it for the second time. Trust I don't have to keep doing this!

Look forward to your assistance.

 

 

 

1a (d) $132 and 0%- yes

Line 9 NIL, or should this be shown as "0" - I would make "0"

Line 13 (d) $132 and 0%- yes

Not sure what to show Line 14, think it is "0". Multiply $132 x 0% - yes 0

Line 16 -

(a),(b) (c) (d) and (e) same information as form 8949, (f) LOSS = -$2356 - yes

Line 17 -$2356 - yes

Line 18 (g) "0" - yes

 

A and B have written AUSTRALIA - yes

Line C to K Either NO or N/A - agreed

Not sure about L 1-Claiming Exemption from Income Tax etc. Don't think this applicable to me. - I don't think so either.

L2 have shown NO (because I'm not sure). Is this correct?- I believe this is correct.

 

What happens if my tax return is not accepted by the IRS for some reason, will they advise me where I have made an error/errors? I have had my passport verified twice now because I checked the incorrect box on the W-7, and now submitting it for the second time. Trust I don't have to keep doing this!- Yes they should tell you were your errors lie or they will fix your return and tell you what they fixed.

 

Sorry this has been such an arduous process for you. I think it is not complete!

 

Let me know if you have any further questions.

 

Best regards,

Look forward to your assistance.

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