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-   -   1042-s for 401k & W2 which form to use (https://www.askmehelpdesk.com/showthread.php?t=334941)

  • Mar 28, 2009, 10:44 AM
    kartik123
    1042-s for 401k & W2 which form to use
    Am an indian citizen resident of US from May 2006 through May 2008.
    Received a W-2 and 1042-S for 401K lumpsum distribution.
    Currently in India advice me which form to use.
    If it is 1040A then does line 12b should hold my 1042-s income and line 38 should hold my Fed withheld amt of 1042-s? Please clarify
  • Mar 28, 2009, 12:43 PM
    MukatA

    If you were not an exempt individual, then you will file dual status tax return -- resident in the beginning or the year and nonresident after May 2008.
    Withdrawal from 401K is also subject to 10% early withdrawal penalty and withdrawal is reported as income. You will also file Form 5329. Your U.S. Tax Return: Elective Deferrals 401(k) Plans
  • Mar 29, 2009, 01:12 AM
    kartik123
    Thanks MukAta -

    Now I understand I have to file 1040A for for Jan to May 2008.
    Can I file jointly with my husband during Jan 2008 to May 2008.

    And file 1040-NR for May to Dec 2008 married filing separately.

    Also my 1042-S shows withheld of 30%, do I need to pay penalty of add 10% on Gross Income.

    Please clarify.
  • May 18, 2009, 02:23 PM
    AtlantaTaxExpert
    Actually, you will need to file Form 1040 with the Form 1040NR.

    You CANNOT file a dual-status return jointly, but you CAN claim your husband as a dependent if he has NO U.S.-sourced income.

    The withholding is just a down payment on the tax. You may owe taxes after the tax is determined and the 10% Early Withdrawal Penalty is assessed.

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