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1042-S income code 29, but is it exempt?
My wife received 1042-S form for deposit interest (income code 29). I searched through here and found that I can put this amount as 1098INT. My question is that in 1042-S form, tax rate was "0" for both 3b and 4b. In the exemption codes, we have 02 (exempt under IRC (other than portfolio interest)) for 3a and 15 (Payee not subject to chapter 4 withholding) for 4a. Does this mean that this income is exempt from tax? If so, can you please let me know how to put this into the form to offset the amount of money we put into 1098INT?
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‎June 1, 2019
11:49 AM