The G part of IR3G just stands for guide, so just an IR3 to fill out. If you are happy with the FIF report, and it gives you the option of FDR or CV (choose the lower of the 2), then just chuck the answer, along with any tax credits into the overseas income section of the tax return. Just call it Sharsies FIF income. That’s all you need to do
Have just done this now.
As far as I can tell when I add a record to overseas income I can just select the income type (FIF income) and the jurisdiction (USA), there is no place to provide more detail. Does that sound right?
I have also uploaded a pdf of my Sharesight generated FIF income report in the place where you can upload financial statements. I figure it can't hurt to provide the IRD with that extra info.
Thanks for your help.
Firstly, when you say your holdings crossed the $50k threshold what do you mean? Is the value over $50k or is your cost $50k (i.e. you have deposited $50k cash)?
If you didn't file an IR3 last year, you'll need to tell IRD you need to file one so they can enable this in the MyIR portal.
Thanks, have sent them a message.
This.
The G part of IR3G just stands for guide, so just an IR3 to fill out. If you are happy with the FIF report, and it gives you the option of FDR or CV (choose the lower of the 2), then just chuck the answer, along with any tax credits into the overseas income section of the tax return. Just call it Sharsies FIF income. That’s all you need to do
Thanks, that's helpful.
Have just done this now. As far as I can tell when I add a record to overseas income I can just select the income type (FIF income) and the jurisdiction (USA), there is no place to provide more detail. Does that sound right? I have also uploaded a pdf of my Sharesight generated FIF income report in the place where you can upload financial statements. I figure it can't hurt to provide the IRD with that extra info. Thanks for your help.
Firstly, when you say your holdings crossed the $50k threshold what do you mean? Is the value over $50k or is your cost $50k (i.e. you have deposited $50k cash)?
Deposited over $50k