I had already filed my 2024 tax return but I recently received form 1042S from Bank of America. I am not sure if I am required to file it and if yes, how should I do it?

[18romil94]

I am currently on an F1 visa on STEM OPT and am a resident alien in the US for tax purposes.

[pk]

@18romil94  which country are you from ?  When did you enter the US with F-1 ?  Are you saying that you have completed  your exempt period ?

If you are a Resident for Tax purposes, and have filed  form 1040 correctly, been accepted for processing, you will have to amend  your return ( wait till your original has been processed and refund issued  )  and include the  interest income from 1042-S.   You also need to visit your bank and  correct their records to reflect  that you are no longer an NRA.

Please answer my Qs and I will circle back.

[18romil94]

Thanks. I am from India and had entered the US on an F1 visa in 2017. My exempt period completed in 2022. I have filed my form 1040 and on TurboTax, it shows that my return is accepted and refund will be issued in about 10 days. Can you please let me know how I can amend my return electronically using TurboTax once the refund is issued, and should this be done before the April 17 tax deadline?

[pk]

@18romil94 , 

(a) Ideally you should file an amended return  ONLY when the  original  return has been processed  -- generally  when WMR shows  refund issued.

(b)  For the actual  amended   return prep. you tell TurboTax that you want to amend a return;

                  1.  Generally you should save the original filed/accepted/processed return   with a suffix or other ways  such as "2024 Return are  original filed " or similar .  

                  2. Make the changes  on the return ( the amended one ) --

                               (i)  in your case  take the following details from 1042-S ---    Box 1  code tells you the type of income -- for your case I suspect it is code 29  implying deposit interest.      So you are essentially creating 1099-INT.  Here, Box  12a gives you the EIN of the entity acting as withholding agent,  Ditto for the name  and other details.

                               (ii) Box 2 gives you the  Gross income -- enter this  as Interest earned on your 1099-INT  equivalent

                                (iii) Box 7a gives you the  federal taxes withheld  ( by  the agent and transmitted to the IRS )

This should result  in TurboTax creating a updated return + a summary sheet -- 1040-X showing the final  situation.

You then file this amended return -- e-file is available now a days.

Note that 1042-S generally only withholds  the federal taxes and not the State.  So you also have to amend the State  and probably pay  taxes  for this income.

Is there more I can do for you ?

[18romil94]

@pk Thanks a lot for your help. I will amend my return once the refund is processed, as per your advice. I live in Washington and my state does not have a tax, so I guess I won't have to worry about that.