hyperzh
New Member

I received a 1042-s form with income code 23. How should I report it using turbotax?

Chapter indicator is 3, and exemption code is 16. Box 2 (gross income) and 7a (federal tax withheld) are nonzero.
LinaJ2018
Intuit Alumni

Deductions & credits

Per instruction, code 23 should be treated as other income. 

In TurboTax online program:

  • Sign in to your account, select Pick up where you left off
  • To the right upper corner, in the search box, type in "other reportable income" and Enter
  • Select Jump to other reportable income
  • Next screen, Other Wages Received, select No to continue
  • Next screen, scroll down all the way to the bottom, under Other reportable income, select Start
  • Next screen, Any Other Taxable Income? select Yes to continue

If you have already paid in any tax withholding, report it here:

  • At the right upper corner, in the search box, type in estimated tax payments and Enter
  • Select Jump to estimated tax payments enter info
  • On the screen, Estimates and Other Income Taxes Paid, scroll down to Withholding not already entered on a W-2 or 1099, select Start to enter info

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twhaz-
New Member

Deductions & credits

hello, should I also attach the 1042-s form with other forms and mail it to IRS? thanks

Deductions & credits

I had also received 1042S with income code 23. I actually withdrawal 401K that time I was in India. It has federal withholding but no state withholding. How could I file it along with my W2.

KarenJ2
Expert Alumni

Deductions & credits

 

If you left the US sometime during  2019 and you were considered a US resident for the time you were in the US in 2019, you cease to be a U.S. resident on your residency termination date. Your residency termination date is December 31, 2019, unless you qualify for an earlier date. So if you were a US resident when you left the US, you should file a full year US resident return in TurboTax.  Otherwise you would need to file a dual status tax return.  If you file a full year resident return you must include all your income for calendar year 2019.  You can use foreign tax credit to  help offset double tax for income you received (if any) after leaving the US.

 

If the 1042-S was for the withdrawal from your 401(k) you will need to report it as an early distribution from your 401(k) subject to tax and 10% early distribution penalty.

 

You can report your 1042-S related to a distribution for your 401K and the related withholdings under the 1099-R section.

 

You will need to select that you are filing a substitute 1099-R (Form 4852) and will need to file your return by mail (and include the 1042-S with your mailed in filing copy). You will also need to indicate that this was an early distribution (Code 1).

To enter 1099-R information in TurboTax, log into your tax return (for TurboTax Online sign-in, click Here and click on "Take me to my return") type "1099r" in the search bar then select "jump to 1099r". TurboTax will guide you in entering this information.

  

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