Hi all, thanks for the discussion in this thread. I am filing my 2021 tax return (Swiss citizen) in canton of AG and am a bit puzzled how the “15% zusätzlicher Steuerrückbehalt” from Swissquote as a QI can be claimed back. Specific example is QYLD (covered call ETF, USA), which actually gets recognized via ICTAX in the Wertschriftenverzeichnis (see screenshot). I thought that in the tax software, there would be a tick-box to be able to enter the security on the R-US form (which is specifically for reclaiming the 15% additional witholding from Swiss QI). However, this does not appear for QYLD.
On the Swissquote slip, they specifically split the 15% as zusätzlicher Steuerrückbehalt.
Does anyone know how this should be treated, so I get the 15% zusätzlicher Steuerrückbehalt back?
EasyTax might not support automatic filling of DA-1 / RUS for ETFs from ICTax for some reason. If that’s indeed the case, I would add it manually as ‘Aktie’ (without use of ‘Kursliste’) and fill in tax value and dividends (copy amounts from ICTax or from your broker statement). And then you should see a checkbox “mit zusätzlichem Steuerrückbehalt USA”.
If I remember correctly, a couple years ago I had to do the same in ZHprivateTax. Since last year DA-1 works properly with ICTax for US ETFs. Maybe EasyTax still hasn’t implemented this.
Thanks jay, that’s exactly what I did now and it seems to do the trick. For a single “Aktie” I can indicate the country and as soon as you chose USA, it will allow you to tick the “mit zusätzlichem Steuerrückbehalt USA” box. You just have to manually enter all the dividend information etc. EasyTax will then correctly generate the R-USA form at the very end.
@chappelle I’m just curious as of why you have Quellensteuer and Zusaetzlicher SRB listed separately? Did you file the W8 with Swissquote manually or does this tax split happen in your account naturally?
@violetblau It has been quite a while since I opened my account with SQ and I don’t remember filling in any W8 forms, neither did I proactively file anything like that with SQ. In my basic understanding I think any Swiss qualified intermediary will have to withhold 15% “zusätzlicher Steuerrückbehalt” on US dividends. This additional Rückbehalt acts like the Verrechnungssteuer on CH dividends, and can be claimed back in full. I was able to find the below e.g. on the tax website of canton Aargau.
Hey @chappelle
This is so odd! I opened my account with SQ without filling any W8 forms either. But my dividend statement there shows the following:
As you can see, they treat 30% as US withholding tax which means I cannot get 15% back. What the hell?! Why does SQ treat my account differently than yours?
Have you filled your W-8 BEN yet, as you’ve been instructed by your broker? It’s just a few simple fields like name, mailing address, AHV number and a signature.
What bothers me is that others didn’t need to file W8 to get the splitup. I have heard up till now that no one has to file that W8 manually with SQ.
Why have they treated mine as if I was not a resident of Switzerland? That’s my point.
@violetblau indeed strange. Perhaps worthwhile reaching out directly to Swissquote? On their website (as previously shared in this thread), FAQ about QI (Qualified Intermediary) | Swissquote, they don’t explicitly mention W8 form, but it is mentioned that if necessary information is not provided, US dividends will be taxed at 30%.
Thanks! Oh well, I am selling all my positions with SQ anyway as I am going to IBKR. Fed up with dealing with low quality SQ. Their trading platform doesn’t even have a proper option trading, what a joke.
It really is a joke. When you sell options, you will never get a notification before expiration. When you get assigned, nothing. Today is Sunday, I have position which is supposed to get assigned. SQ still hasn’t changed the position. When you wanna roll over the option, there is no option to do so. If you want to look at the option chain, it is like a plastic toy that has a tendency to fall apart anytime. The user interface looks like someone built it with a pre-alpha version in the 90’s.
However, when it comes to pricing and fees, SQ wants the most of it.
I’d argue that this diversification is the last you’ll need. IB has segregated accounts and has your securities insured with even greater value than SQ. Nothing to worry about there.
Interesting what the Zurich table you reference states.
The Baselland one on the other hand states: “Der Anrechnungsbetrag ausländischer Quellensteuern auf Dividenden und Zinsen im Steuerjahr wird mit den geschuldeten Staatssteuern des Folgejahres verrechnet.” [1]
Staatssteuern consists of both income and wealth tax so that would argue for the opposite? Perhaps this is Canton specific?
No, this just means that the amount will be credited to your (state) tax bill of the following year. I.e. similar to how Swiss withholding tax is handled.
In ZH you instead get the amount paid out to your bank account, which makes less sense to me, especially as Swiss withholding tax is credited to the state tax bill in ZH (of the same tax year, though).
In any case, this doesn’t affect the relevant tax rate, which only includes income taxes, however, accounts for both state and federal income taxes.
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