Since you are a US citizen, you will file a 1040 resident return. You will enter the 1042S as a 1099 DIV. Here is how to enter. Go to the income section in your return then to Investments and Savings (1099-B, 1099-INT, 1099-DIV, 1099-K, Crypto) if using Turbo Tax Online. The menu path is similar in the Desktop version of Turbo Tax. Now select 1099 DIV when it asks.
Now when the information is entered, you are only concerned with the entries in Box 2, 7A, and possibly 12A. Here is how to enter.
- Once you begin working on the 1099 DIV, first thing to do is to record the name of the issuer of the 1042 S
- In Box 1A, record the amount in Box 2 of the 1042 S
- Further down, in the form, select My form has info in other boxes (this is uncommon). Check that Box.
- In the drop-down, record the federal income tax withheld in Box 4 that is the amount that is listed in Box 7A of the 1042 S.
As far as Box 12A, save that information. In a review, Turbo Tax may ask you for an EIN, FEIN, TIN. IOf it asks, record the the amount in Box 12A in the section that appears on your screen.
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