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Get your taxes done using TurboTax
The 1042-S is for a stipend.
Box 1 Income code: 16
Box 3b Tax rate: 14
Box 4a Exemption code 16
This form contains money assigned as a stipend, and the taxes that were withheld.
On the other hand, the form 1098T includes the money of the stipend after taxes where deducted, plus tuition benefits, plus a health insurance benefit (partial payment from the school).
‎April 6, 2020
1:56 PM