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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

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?
2 Replies

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

@pk ?

pk
Level 14
Level 14

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

@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)

(c) are you US persons ( citizen/ GreenCard/ Resident for Tax purposes )?

(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 .

 

pk

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