Hi! I am a F1 student and I have finished my tax return. I am a non-resident alien. After I mailed all my tax forms and tax return, I received several 1042-S forms from my bank. Those are for opening account bonus and saving account's interest. The income types on these forms are the same: code 29, deposit interest. And The tax rates show on these forms are zero. I am wondering how can I deal with these forms? I called the bank and they said I have to report these incomes since they are over 10 dollars and these incomes are taxable. But I checked on IRS's website it said non-resident aliens are exempted from tax for deposit interest. I am totally confused and do not know what to do. Please help me. Thank you so much for your kind assistance!
@wyvicky1031 , assuming that you are a Non-Resident Alien, you need to file form 1040-NR ( which is not supported by TruboTax ) -- please SprinTax or similar service to prepare and file. The 1042-S must be reconciled i.e. recognized on your return , even if the taxability is nil. Suggest you file an amended return to close the issue - Cannot use TurboTax -- if you have filed using TurboTax then you need to file an amended return anyways on form 1040-NR
Hi @pk ! Thank you sooooo much for your reply! I used Sprintax to do the return and their customer service just suggested me to wait for IRS's notification which made me feel unreliable. I think I need to fill an 1040-X form and attach these new tax forms right? Thanks a lot!
@wyvicky1031 , since these may not result in any additional taxes for you you can choose to (a) do nothing and wait ( perhaps for a year ) , in case the IRS wants anything OR (b) file an amended return recognizing the the 1042-S es and not have to worry . If you do file an amended return, you should wait at least till your original filed return has been processed ( as signified by your refund being issued OR at least six weeks has passed ) --- you send by mail the 1040-X and the amended 1040-NR ( which is summarized on 1040-X ).
BTW -- you do not need to attach the 1042-S es -- since the IRS would already have these on file.
Hope this answers your query