I received a 1042-S form despite being on an H-1B visa as a resident for tax purposes. This was from Fidelity where I have my Employer Stocks (ESPP) and 401k and the form has income codes 01 and 06, so I believe they are for interests and dividends respectively. Typically, I should have received a 1099 form with 1099-DIV and 1099-INT, I suppose.
- Should I be receiving this form given that I've been a resident alien for tax purposes for almost 3 years now? I asked Fidelity and they said I might have to fill out W8 or W9 or something along those lines and they didn't seem fully sure about it. Is there any set of guidelines I can follow on this?
- I sold a call contract and bought it back to close the transaction. I made a profit of around ~$17 and tax was deducted from it. Now given that I don't have any other tax forms on the website, is it a fair assumption that the transaction would have been accounted for in the form? I asked Fidelity tax support and they said it should be included.
- Am I right that I can file the 1042-S as Other Taxable Income and the tax deducted under Other Income Taxes on TurboTax or do I need to file it as a 1099-DIV and 1099-INT form for income codes 06 and 01 respectively? I think I was told last year that either way is fine, but I wanted to clarify that.
@MarilynG1, @DaveF1006, @AmyC
