giogis245 Posted April 18, 2023 Report Share Posted April 18, 2023 She has a SSN and doesn't know why she received this, she withdrew her retirement money, payer is Empower Trust Company, withdrew $6k paid in $1,600 to federal. Where do I enter this on a 1040? Quote Link to comment Share on other sites More sharing options...
Margaret CPA in OH Posted April 18, 2023 Report Share Posted April 18, 2023 I've had German scholars who received these in the past but didn't recall immediately how I entered the data. So I went now to the handy dandy KB and found: Resolution Form 1042-S reports a foreign person's U.S. income subject to withholding. The income can be entered on the Ln 21 - Other Inc tab. The federal tax withheld, if applicable, can be entered on the Ln 64 - Tax WH tab. If income is entered on a Schedule C, it is not considered other income, therefore, the return must be paper filed. I did look at a copy of one of those in a client file and recalled that there is a code in the upper left corner describing the income attributes. My clients were all paid salaries. I am puzzled about why this retirement money was on a 1042-s but maybe look up the codes. My clients all had ssn's, too. Is the employer foreign? Is Empower Trust Company foreign? 2 Quote Link to comment Share on other sites More sharing options...
giogis245 Posted April 18, 2023 Author Report Share Posted April 18, 2023 Thank you so much! Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.