I received a 1042-S with income code 15 (for retirement income in my specific case) and exemption code (chapter 3) 04 (which I understand is exempt under tax treaty). At the time of withdrawal of my retirement income (last January) - I would likely have been a non-resident alien. But my circumstance changed late last-year and I triggered the substantial presence test to fall under a resident alien for tax purpose for 2017.
Where in Turbotax can I enter the information on my 1042-S. No tax was deducted and I need to pay both federal/state tax on this retirement withdrawal as well as the early withdrawal penalty.
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This answer should help you. If you have any other details regarding this question, please feel free to post them in the comment section.
For a Code 15, you will report this income in the Retirement Income section using a Substitute 1099 R.
You will report both the distribution and any taxes withheld. Include the state information as well.
This answer should help you. If you have any other details regarding this question, please feel free to post them in the comment section.
For a Code 15, you will report this income in the Retirement Income section using a Substitute 1099 R.
You will report both the distribution and any taxes withheld. Include the state information as well.
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