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Level 1
posted Apr 7, 2022 10:11:57 AM

Received 1042-S from bank with income code 29

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!

0 6 1509
6 Replies
Expert Alumni
Apr 7, 2022 4:48:38 PM

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

Level 1
Apr 7, 2022 5:01:22 PM

Hello,

 

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

Expert Alumni
Apr 7, 2022 5:23:58 PM

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.

Level 1
Apr 7, 2022 5:29:24 PM

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

Expert Alumni
Apr 7, 2022 6:32:04 PM

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

Level 1
Apr 8, 2022 7:02:03 AM

Thank you so much -- that is very helpful!