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I received a 1042-S form. What should I do with it?

Asked Apr 8, 2012, 08:00 PM — 1 Answer
I'm on H1B Visa and has worked for my previous company in the US for about 5 years. I left the company at the end of Feb 2011 to pursue an MBA program out of the States.
I rolled over my 401 K to an IRA account and then withdraw money from the IRA account for my MBA tuition. In addition to the 1042S forms that I have received, I have also received two 1099-R forms.

Feature of my 1042-S form is as follows:
A) 1 - Income Code = 14
B) 5 - Tax rate = 00.00
C) 6- Exemption Code = 02
D) 13b - Recipient code = 01

How and where should I file this 1042-S form? Also I believe I'm still treated as a resident alien and will file 1040 form because I have been working in the states before 2011 (from 2005- 2011). Please let me know if I'm mistaken.

Thank you for your help in advance!

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AtlantaTaxExpert Posts: 19,862, Reputation: 3723
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Apr 23, 2012, 11:14 AM


The Form 1042-S reported the ROLLOVER from the 401K to the IRA due to being a foreign national. No taxes were due, so it is so much paperwork with NO impact on your tax return. It probably replicates ONE of the Forms 1099-R.

The OTHER Form 1099-R reports the distribution from the IRA to you for tuition payment. Since you are using the money to pay higher education costs, you should be exempt from the 10% Early Withdrawal Penalty. However, you MAY have to file Form 5129 to claim thta ewxception.

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