Hello all.
In 2019 I received a small amount of dividend payment from US shares I own - total amount received was about $250. I have paid US withholding tax on this income, but no Irish tax. I searched here for previous posts on paying Irish tax on US dividends and I think I now know what I have to do. But I would appreciate if someone who is more experienced than I could confirm what I say below. And I do have a couple of questions that I couldn't find answers to.
My understanding of what I have to do is the following:
Questions:
- Login to myAccount on Revenue.ie
- Open "Review your tax 2019" i.e. to submit my tax return for 2019
- In the "Non-PAYE income" section open Dividends and then select "US Dividends"
- Enter the total amount of US dividends received, converted to Euro i.e. $250 converted to Euro, I don't deduct the 15% US tax already paid, Revenue will automatically do that.
- Complete the rest of the form and save it.
- Done! Or am I? Is the above correct or is there any step missing?
Thanks to anyone who reviews this and for any answers offered.
- Should I have paid the tax back in 2019 when I received the dividends? Will Revenue stick me with late payment charge?
- How do I now pay the tax i.e. do I transfer any money to revenue or do revenue simply include this as a negative when they calculate my tax credits for next year?
- How do I determine what exchange rate to use for converting dollars to euros?
- In the "Tax credits & reliefs" section of the form, under "Add tax credits", "Other Credits" there is an option to add "Irish Tax Deducted On Foreign Dividends". But I assume in my case I do not enter anything here as I have not actually paid any Irish tax on the dividend income yet?
What capital loss do you have?Hi,
Hi,
Yes I had to do the exact same thing this week for miniscule 2019 US dividends, Have not figured out how to actually Pay it yet though.
I'm presently tearing my hair out trying to fill a CG1 form to account for losses in 2019. What fields are necessary and what aren't? It's a minefield. . . I'd literally pay someone on here to guide me through it once so I understand this one form.
You are taxed on the gross amount at conversion rate, and Revenue apply the US tax paid as a tax credit.
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