Hi, a US institution issued me a 1042-R for a retirement distribution because I live in a foreign country. Can I put the info into TurboTax somehow?

[pk]

@tim50 , 1042 is used to report  back-up withholding on section 3 and 4 earnings, including pensions -- but this is only for  Non-Resident Aliens and US persons whom have not provided a Tax ID ( SSN ).   Are you US person ( i.e. citizen, Resident with Green Card  ) or  what?  

Generally 1042-S is reported on a return using  1040-NR  ( for Non-US persons i.e. Non-Resident Aliens)  with US sourced/connected income.

Most US persons  receive 1099-R for  pension / IRA / FDAP   disbursements.  Did you  mean 1042-S or 1099-R ?   There is no form 1042-R ( that I know of )

[tim50]

Hi!

You're right. It's a 1042-S. But it is for a retirement distribution.

I am a US citizen, but the institution did not bother to verify this before issuing the form -- I now live abroad, and the institution assumed that I was a foreign person on the strength of my mailing address. They now tell me that they can't issue a 1099-R for my distribution because they would have had to know I was a US citizen when I requested the distribution.

In other words, they're morons, so I'm stuck with the incorrect form.

My question remains: Can I enter this into TurboTax somehow?

Thanks,

Tim

[pk · Accepted solution]

@tim50 , can you do it using TurboTax ?  Yes you can ,  but it takes a little work.  What you have to do is effectively enter the details as if  you received a 1099-R.  For this you need the following info from your  bank ( the one that sent you he distribution and the form 1042-S ) -->  (a) Gross distribution;  (b) Taxable amount or that taxable  amount not determined;  (c) type of distribution  ( usually this is code 7 , normal distribution);  (d)  whether this is from IRA/SEP/SIMPLE account;   .  Suggest you download a copy of form 1099-R from  www.irs.gov.    You may want to fill this out by hand  from all the info available on form 1042-S  Anything missing, you may need to contact the administrator of the  account and get  their help .

Once all the data is in place , then go to TurboTax --- go to Pension  area  {  personal Income -->  choose  "I'll choose what I work on " --> then from the list of incomes , look in the category "Retirement Plans and Social Security", select  "IRA, 401(k) ..."  next screen  "I will type it in myself " --> next screen  click the box that says " I need to prepare a substitute 1099-R"  -- this is where you enter all the details  mentioned above -- then follow through for the next few screens.   That should work-- but as I said ., to do this you will need  info from what is on your  1042-S and also  some from the administrator of the plan.

Is there something more I can do for you ?

[tim50]

Hi again! Thank you for the detailed response. I haven't had a chance to try it yet, but will either this evening or over the weekend. Fingers crossed that I have all the information I need.... 🙂

[tim50]

Hi! I was just able to complete my return by following the process you outlined. Thank you so much for your help!