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Get your taxes done using TurboTax
Such a small amount will have little effect on your tax return.
- See below on how to post both the 1099-INT and the 1042-S.
- Post the 1042-S as described below, not as a 1099-INT.
- If you choose to mail your return, all income documents should be attached. Your printout will include extra documentation and calculation worksheets for your files, but not W-2s, 1099s, or any other forms from your employer, bank, brokerage, etc. because TurboTax didn't generate those forms.
- If you choose to E-file your return you do not have to send any additional forms with your return. TurboTax will provide the IRS with them.
To post the 1099-INT:
- Select Federal
- Wages & Income
- Scroll to Investments & Savings and
- select Show More,
- Start or Revisit next to Interest on 1099-INT - Okay!
- Time to kick off your investments!
- Yes, on the screen Did you receive any interest income? then Continue.
- If you see the screen Your investments & savings or Here's your 1099-INT info, select.
- Add investments or add another 1099-INT, then Continue.
- Choose how you'd like to enter your 1099-DIV:
- If you'd rather manually enter your form, select.
- Change how I enter my form, select.
- 1099-INT, then
- Type it in myself on the following screen.
- If you'd rather manually enter your form, select.
- Follow the on-screen instructions to enter the info from your 1099-INT.
- When you reach the screen Here's your 1099-DIV info, the form you just entered should be listed.
- If you need to enter another 1099-INT, select Add another 1099-INT and follow Steps 4-6 above.
Note: Don't combine the amounts from two or more 1099-INT forms if they're from the same payer—enter each form separately.
To post the 1042-S
You can report the 1042-S as other reportable income.
- Open your return in TurboTax
- Click on Wages & Income
- Scroll down to All Income
- Scroll down to Less Common Income
- Scroll down to Miscellaneous Income, 1099-A, 1099-C
- Click start
- Scroll down to Other reportable income
- Answer yes
- Enter description and amount
To report the US tax paid:
- With your return open
- Click on Deductions & Credits
- Scroll down to Estimates and Other Taxes Paid\
- Click on Other Income Taxes
- Scroll down Other Income Taxes
Click on Withholding not already entered on a W-2 or 1099
If this does not completely answer your question, please contact us again and provide some additional details.
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March 19, 2023
6:34 AM