You may exclude the taxable amount of your 1042S up to $5000, which is the maximum amount eligible for the exclusion. to exclude.
- Log into your account
- Select Wages and income
- Less Common income
- Miscellaneous Income, 1099-A, 1099>start
- Scroll to the bottom of the page to Other Reportable Income
- Other taxable income, answer yes
- Now you be at a summary screen where your first entry was reported. Here select add more income.
- Now describe this event as US/China treaty income Exemption. Enter the amount of the 1042S (up to $5000) with a minus sign in front of it. Make sure you enter an amount that is either equal or less than and amount shown on the 1042S. Remember $5000 is the limit.
@tyk
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