IRS form 1042-S box 1 code 6 reports dividends. Report the dividend income in TurboTax as if reported on IRS form 1099-DIV.
You may want to report both dividend income entries but select I need to adjust these dividends at the screen Do these uncommon situations apply in TurboTax Online.
Then adjust out the total amount of the dividends by selecting Other adjustment at the screen Tell us about your dividend adjustment.
So you would report dividends of $100 as follows:
Fidelity $100
1042-S $100
Adjusted -$100
Total $100
In TurboTax Online, report the dividend income as follows:
- Down the left side of the screen, click Federal.
- Down the left side of the screen, click Wages & Income.
- Scroll down to Investments and Savings and click on the dropdown menu.
- Click Start/Revisit to the right of Dividends on 1099-DIV.
In TurboTax Online, report Federal income tax withheld as follows:
- Down the left side of the screen, click on Deductions & Credits
- Scroll down to Estimates and Other Taxes Paid. Click the down arrow to the right.
- Click Start/Revisit to the right of Income Taxes Paid.
- Click Start/Revisit to the right of Other Income Taxes Paid in 2023.
- Click Start/Revisit to the right of Withholding not already entered on a W-2 or 1099.
- At the screen Do you have any tax withholding you haven't entered yet, select Yes.
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