Excess Withholding Tax charged on Pure Multi-family LP.

Income tax policy, rules, problems, strategy and software. Property and consumption taxes too.
Post Reply
Posts: 2
Joined: 03 Nov 2017 21:48

Excess Withholding Tax charged on Pure Multi-family LP.

Post by manron » 17 Nov 2017 11:56

The T5013 for 1000 shares of Pure Multi-family LP 2016 tax year Box135->$323.00 Box 171->$74.52.
TD Waterhouse withheld 15% of the total distribution of $496.80 or $74.50 instead
of 15% of the amount in box 135 which would be $48.45. That is 50% too much tax.

TD Waterhouse has explained that Pure Multi-family is at fault because
Pure Multi-family transmitted their T5013 to TD Waterhouse after March 1
when the withholding taxes were due to the IRS in February.

TD Waterhouse stated that the bank would not act to recover the excess tax paid.

Is their any reasonable way I could recover this amount of tax?
Has anyone had a similar experience with TD Waterhouse or another bank?

Post Reply