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Pension withdrawal reported on 1042-S where do I enter the inforation?

 
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AmyC
Expert Alumni

Pension withdrawal reported on 1042-S where do I enter the inforation?

Pension - probably code 15 -would be reported  normally on 1099-R. Depending on your state circumstances, that may be the starting point. There is another post with entering the 1099-R for state purposes just above a post from me with handling the many possibilities that come with this income. Please read another post of mine here.

 

If you have box 3a with a treaty or IRS exemption, you need to subtract the income back out. Here is the US Canada treaty Check articles 18, 19 and 24 for your situation. Subtracting it back out is covered in the other post I mentioned above.

 

You may also need to file Form 8938. Here is a comparison of the FATCA (Form 8938) and FBAR requirements. The FBAR is not part of the tax return. It is filed separately. File FBAR through the Financial Crimes Enforcement Network.

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