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After you file
To clarify, did you report the prize amount that you earned, which included the withholding? if so, here is how you should report if you haven't reported already here is how to report this on an amended return. To amend:
- Sign in to TurboTax
- On the home screen, scroll down to Your tax returns & documents and select the year you want to amend
- Select Amend (change) return, then Amend using TurboTax Online.
- On the screen OK, let's get a kickstart on your amended return, select the reason(s) you're amending and Continue
- When you reach Here's the info for your amended federal return, select Start next to the info you need to change
Once you gain access to your tax return and the refund monitor resets to 0, here is how to report the 1042S with the prize money that was won.
- Open your return in TurboTax
- Click on Wages & Income
- Scroll down to All Income
- Scroll down to Less Common Income
- Scroll down to Miscellaneous Income, 1099-A, 1099-C
- Click start
- Scroll down to Other reportable income
- Enter description and amount. Here report Prize Money reported on 1042S and then the amount.
To reclaim your withholding tax reported on your 1042-S, assuming that Boxes 7 & 10 was reported on this 1042S.
- Go to federal>deductions and credits
- Estimates and other Taxes Paid>other income taxes>start
- Scroll down to other income taxes paid in 2022
- Withholding not already reported on a W2 or 1099
For the 1042S treaty benefits, I need more information so I can determine if this needs to be reported or not. For an example, is this income you reported in your original return and needs to be subtracted from taxable income or this income that hasn't been reported but is subject to a treaty benefit. If so, what country?
Also I assumed the withholding was withheld from the 1042S reporting the prize money. If this is incorrect, then let us know.
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