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Hi everyone (and especially those who have had an account with ib for longer than me),
What are the “reports” to create for tax returns?
I can't see what those specifically published as "tax reports" look like (as I didn't have an account with them on December 31). Are they sufficient for the Swiss tax return? I'm thinking specifically of US dividends and purchases/sales of securities. And also of the non-usefulness of gains made on purchases/sales during the year.
Thank you for your feedback.
Hi, last year I created a personal report:
– go to account management
– reports / statements
– on the right under custom statements, click on gear
– then + to create a statement
– give the name of the statement (“tax statement”), pdf format, French language, monthly period
– subsection, choose: account information, forex balances, combined dividends, open positions, withholding tax, net asset value
– under section configuration: realized profits/losses only, separate positions into long and short positions (yes), everything else = no
and that's it! Here you are with a tax statement that can be reused very easily every year and is free.
Plus it’s really easy to fill out your tax return => just one line!
To use it:
– reports/statements: statement type = custom
– choose your “tax statement”
– Specific period: from the 1st to the last working day of the taxable year
– pdf format and French language
Last year I sent this to the tax office and it went through fine. But I still had a fairly modest account. Now it has swelled up, so we'll see if it's still accepted as easily, but I don't see why it wouldn't.
I confirm 😄
So there's only one of them who got into trouble!
Please keep us informed of the tax authorities' reactions just in case.
I will do the same if there is any news on my side.
Hello,
Thank you very much for your message which helped me a lot.
However, I don't know how to complete the tax return once the report is generated.
Can you tell me which pages of the declaration you fill out? And which values from the report you report there?
I only have shares in IB.
Thank you very much 🙂
Very easy
you go to the details of the DA-1 form
you create a line indicating your IB account number
you indicate under total in francs the total value that the report gives you under Net assets
you indicate under gross yield the total dividend value in CHF that you find under Dividends
under foreign tax you indicate the total value of withheld taxes in CHF which you find under Withholding taxes
and that's it
Great, thank you very much!
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</div>From what I can read in the bank statement, under the item "Tax Withholdings", it seems to me that there are only the 15% of "US Taxes".
Is it possible that the Swiss withholding taxes are no longer taxed, as IBKR is located in England? And, as a side question, how do I report this, as it seems that on the DA-1 form, the additional Swiss withholding tax is automatically added?
Yes, IB only withholds foreign tax, not Swiss tax. It is therefore income that will be taxed by the Swiss tax authorities following the declaration.
Normally on your software you should be able to indicate yourself separately the value of foreign withholding tax and additional withholding tax in Switzerland (for American securities).
On VSTAX for example the two fields are independent, there is even a “Swiss deposit” checkbox, if you remove it, the USA deposit becomes grayed out.
Indeed, you are right. So I declared incorrectly last year… That said, I don’t think I received a request from the tax authorities.
They didn't fix it for you, are you sure?
That said, I sometimes wonder how much control (and understanding) they have.
“Reasons for changes: Correction of flat-rate tax imputation (DA-1)” Oh yes! Haha, I never understood why.
Hello Jerome,
Why is there a difference between foreign withholding tax on US dividends, and additional US withholding tax, withholding tax, but only by a Swiss depository (which excludes IB)?
Does money smell different depending on whether it comes from Switzerland or elsewhere?
Can we avoid double taxation in both cases, US and CH?
I have a friend who says that it is only the deduction made by a Swiss depositary that applies as a deduction from Swiss tax. If this is true, the 15% tax deducted at source by IB becomes a simple operating expense, and Switzerland taxes on the remaining 85%, without taking into account the Tax Convention to avoid double taxation.
It would then be much more fiscally interesting for IB to pay us through a Swiss subsidiary.
As is often the case, “the devil is in the details.”
Hi,
Why is there a difference between foreign withholding tax on US divi, and additional US withholding, withholding tax, but only by a Swiss depository (which excludes IB)? Does money smell different depending on whether it comes from Switzerland or elsewhere?
That's a damn good question and I've asked myself it many times too... We should ask it to our legislators. We should never underestimate fiscal fantasy!
Can we avoid double taxation in both cases, US and CH?
Yes. Whether it is a flat-rate tax deduction or an additional US withholding tax, it is considered a Swiss withholding tax and is deducted from what you have to pay during the annual tax assessment.
I have a friend who says that it is only the deduction made by a Swiss depositary that applies as a deduction from Swiss tax. If this is true, the 15% tax deducted at source by IB becomes a simple operating expense, and Switzerland taxes on the remaining 85%, without taking into account the Tax Convention to avoid double taxation.
I pass the dividend raw foreigner by indicating the 15% retained by IB in the flat-rate imputation and this amount is deducted from what I have to pay during the annual taxation.
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