1042-S after filing

[Toby_Lee]

Hi community,

I am a legal permanent resident and filed my taxes recently. I received information over the phone from my bank regarding interest I earned and inputted the verbal information as if I received a physical 1099-INT, and the bank said they would send me the form.

However, I received the form in the post, and instead of a 1099-INT, I received a 1042-S. I initially entered the US 3 years ago on an F1 visa, however I am a green card holder now.

Is this just a case of the wrong form being sent? The gross income in box 2 is the figure I was quoted over the phone by the bank and I inputted into my return as if I received a 1099-INT. I’m curious to know if I have to do anything now.

[FangxiaL]

You should pay a visit to your bank and update your status with the bank. In the future, you should not be treated as a nonresident alien for income tax purposes. Is there a 30% withholding on the interest income? If you have reported the interest income on your return, apparently there is no need to amend it unless the withholding is substantial, if any. 

[Toby_Lee]

Thanks for your response. Frustratingly, my bank is already aware I am a LPR, so could not figure out why this was sent.

There doesn’t seem to be anything withheld. Which box would this be in?

The gross income reported on this form is $16 which is what I was told on the phone and I filed as if I received a 1099-INT, declaring the $16 as interest. Therefore my understanding is there is nothing else for me to do?

[DaveF1006]

Yes, just report that $16 as interest income as if you received a 1099- INT.

@Toby_Lee

[Toby_Lee]

Thank you so much