@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 , 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 )
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
@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 ?
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.... 🙂