Where to enter 1042 S - early retirement withdrawal

[bee-abroad]

Hello,

I am a US citizen living abroad and I took an early withdrawal from my retirement fund. The fund sent me a 1042-S.

I called asking for a 1099-R but they said they could not generate for me because they did not have a W9 from me at the time of the transaction.

Where can I enter the 1042-S so that TurboTax can appropriately calculate the gross income as well as the tax already withheld from my withdrawal?

Cheers

[SusanY1 · Accepted solution]

Enter this as if it were a 1099-R into the TurboTax program for proper tax treatment.

Be sure to keep your 1042-S that shows the withholding in case the IRS asks to see it later, because their systems may or may not match up the withholding with that form.  Form matching typically is run in the fall - so I'd recommend leaving that form in an easily accessible file until at least the end of the year, and ideally for about 3 years. 

Most of the information that you will need for 1099-R is on the 1042-S though it won't be in the familiar 1099 format (EIN, address, etc.).  What you won't have is a "distribution code" for box 7.

For an early distribution (other than from a Roth, or one with a "known exception") the code is 1.  

If you qualify for an exception to the early withdrawal penalty you will have the option to indicate that in the TurboTax interview. 

In case code 1 doesn't seem to apply in your case, you can find the full list of codes and when they are used HERE, beginning on page 16.


 

[bee-abroad]

Thank you so much! Can I use the EIN in place of the TIN?

The 1042-S only indicates an EIN.

[DaveF1006]

Yes, you may use the EIN.