Guest TroyRiley Posted June 3, 2004 Posted June 3, 2004 Should a 1099 be issued when making payment of a U.S. citizen's plan benefit to his Canadian beneficiary? Since the beneficiary is Canadian, he doesn't have a social security number? Any other issues I need to know about? Thanks in advance!
mbozek Posted June 4, 2004 Posted June 4, 2004 There is a tax treaty between the US and Canada that describes how payments to canadian citizen are taxed from US plans. Generally periodic payments are subject to 15% witholding. Check the IRS publications list for the number of the pub on tax treaties. mjb
david rigby Posted June 4, 2004 Posted June 4, 2004 Some sources of information: http://www.irs.gov/businesses/corporations...d=96739,00.html http://www.irs.gov/publications/p597/index.html I'm a retirement actuary. Nothing about my comments is intended or should be construed as investment, tax, legal or accounting advice. Occasionally, but not all the time, it might be reasonable to interpret my comments as actuarial or consulting advice.
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