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You know Proseries is on the decline these days. I have a non-resident taxpayer that came income and federal tax withholding on form 1042S and I was told by Proseries that 1042S isn't supported by Proseries. How have you guys dealt with such issues?
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ProSeries on a decline? 2023 tax year was one of the best ever for ProSeries.. As far as your 1042-S question. this has been addressd here: https://accountants.intuit.com/community/proseries-tax-discussions/discussion/1042-s-form/00/46419
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None answers my question. I am preparing 1040NR and Proseries told me it isn't supported. Income and withholding are both reported on form 1042S and Proseries can't produce such a simple form
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The 1042S is produced by the payor. Income tax software won't prepare this, just like it does not prepare W-2s and 1099s.
The info from the 1042S goes on the 1040NR.
The more I know the more I don’t know.
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It is clear but can you go and find form 1042S in 1040NR in Proseries and put the information? Proseries already admitted they don't support form 1042S and they can't help. My question here is what is the alternative option.
Thanks!
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My friends Jim and Sue addressed your post. No software is 100% perfect, but Pro Series did a very good job last year, and I have criticized them in the past, but I give them credit for 2023 tax season.
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What kind of income is on the 1042S?
How much federal withholding is there?
The more I know the more I don’t know.
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Box 1 on the 1042-S will tell you what type of income is being reported. You'll just have to figure out for yourself where that goes on the 1040-NR. Then the tax withheld goes here:
If that's too complicated, maybe there is easier software available elsewhere. Or you could just tell clients you do not prepare 1040-NRs.
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The problem is that the software is not letting us enter the tax withholding on Line 25g that comes from the 1042-S.
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I found it!! For royalties, click on line 5 of schedule 1 to open schedule E and enter income. For 1042s withholdings enter on Form 1040NR Wks right under line 25f there is a Smart Worksheet for form 1042-s withholdings.