Received 1042-S from bank with income code 29

[zxcvbbn]

Hello,

I am an F-1 student living in the US since August 2017. I have already filed my federal and state tax returns, and my federal tax return has been accepted, with one of two state taxes pending. I received a 1042-S from Bank of America with income code 29, chapter indicator 3, ch. 3 status code 16, 3a exemption code 02, and 4a exemption code 15. The tax rate on 3b and 4b are both 00.00.  Should I amend my tax return? 

Really appreciate your help!

Thank you!

[DaveF1006]

To clarify, is there an income amount listed in Box 6 of the form?

[zxcvbbn]

Hello,

Thank you for your question -- the amount listed in Box 6 is 0. Hope this helps!

[DaveF1006]

I am glad you wrote back. I meant to say Box 2, which is gross income. If there is nothing recorded in this box, then keep the form for informational purposes.

[zxcvbbn]

Oh I see..in Box 2, it says "49". Does that mean anything? Thank you for your reply!

[DaveF1006]

Yes, it means there is $49 worth of income that should be reported. Here is how to report.

1. Open your return in TurboTax 
2. Click on Wages & Income 
3. Scroll down to All Income 
4. Scroll down to Less Common Income 
5. Scroll down to Miscellaneous Income, 1099-A, 1099-C 
6. Click start 
7. Scroll down to Other reportable income 
8. Answer yes 
9. Enter description and amount  Here you will simply put 1042-S as a description and $49 as the amount.

@zxcvbbn

[zxcvbbn]

Thank you so much -- that is very helpful!