We did a 32106 withdrawal From our IRA while living overseas. The bank gave us a 1042-S for taxes. Where is this input in TurboTax

Forum|Forum|2 years ago
September 18, 2023
2 replies
27 views

Withdrew $32106, for new home down payment. Was already taxed $9605 when we with drew.
I don’t know where to enter this in turbos tax
They gave us a 1042-s and not a 1099. Is this correct?

TurboTax Deluxe Online

Anonymous_

Level 15

@pk12_2 ?

pk_

Level 15

@carin_hyden , from your post I assuming that you and your spouse (? because you said "we" ) together withdrew ( from whose account? ) a large sum from IRA ( who is the owner ? ) and the admin issued a 1042-S ( implying that the issuer considers you / spouse a Nonresident Alien.

(a) you cannot enter this in TurboTax because TurboTax does not support 1040-NR that anon-resident alien must file , instead of 1040 for US persons ) citizen/GreenCard/ Resident for tax purposes ).

)b) which country are you now a resident of ? ( this may have treaty considerations)

(d) if you are US person(s) living abroad, then the 1042-S is wrong -- they should have issued 1098-R ( showing the SSN of the owner

Please clarify ( based on the questions I have articulated or implied ) and I will circle back once I hear from you .