Last year, I rolled over an old 401K into my current employers 401K. The financial institution reported that on a 1042S, saying they didn't have required documentation saying I was a US citizen, despite having my SSN, and a dated email showing that I had emailed documents before the rollover occurred. How do I record the 1042S and the fact it was rolled over into another 401K?
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If done by direct rollover, the transaction is nontaxable and not subject to withholding, so it's unclear to me why reporting on Form 1042-S would have been necessary.
I would probably submit a substitute Form 1099-R with which you can supply explanation. Assuming a direct rollover, the code for Form 1099-R box 7 is G and the taxable amount is zero. Unless something has changed to allow a tax return with a substitute Form 1099-R to be e-filed, doing so would require printing an mailing your tax return.
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If done by direct rollover, the transaction is nontaxable and not subject to withholding, so it's unclear to me why reporting on Form 1042-S would have been necessary.
I would probably submit a substitute Form 1099-R with which you can supply explanation. Assuming a direct rollover, the code for Form 1099-R box 7 is G and the taxable amount is zero. Unless something has changed to allow a tax return with a substitute Form 1099-R to be e-filed, doing so would require printing an mailing your tax return.
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