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How to report 1042-S income code 16?

I am an international graduate student with resident alien status. I have received the tax forms 1042-S, 1098-T. On my 1042-S I have income code 16 with a nonzero amount in  box 7a for federal withholding.
The strange thing is that on form 1098-T the number in box 5 (scholarships and grants) is more than the number in box 1 (Payments received ...) . My understanding is that a part of the scholarships reported on 1098-T is my research assistantship stipend which was actually taxable and the amount withheld from it is reflected on form 1042-S.
So my question is  how would I go about reporting this?
Thanks!
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1 Best answer

Accepted Solutions
LinaJ2018
Intuit Alumni

How to report 1042-S income code 16?

You will report the 1042S amount as a scholarship under the "Education section".  The excess amount of your scholarship after paying for the tuition is taxable as wages.  As far as your federal withholding, you will report under:

In your online program,

  • At the right upper corner, in the search box, type in estimates paid and Enter
  • Select Jump to estimates paid
  • On the screen, Estimates and Other Income Taxes Paid, scroll all the way down to section Other Income Taxes Paid in 2019
  • On the first line, Withholding not already entered on a W-2 or 1099, select Start

 

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1 Reply
LinaJ2018
Intuit Alumni

How to report 1042-S income code 16?

You will report the 1042S amount as a scholarship under the "Education section".  The excess amount of your scholarship after paying for the tuition is taxable as wages.  As far as your federal withholding, you will report under:

In your online program,

  • At the right upper corner, in the search box, type in estimates paid and Enter
  • Select Jump to estimates paid
  • On the screen, Estimates and Other Income Taxes Paid, scroll all the way down to section Other Income Taxes Paid in 2019
  • On the first line, Withholding not already entered on a W-2 or 1099, select Start

 

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