Form 1042-S is an IRS form titled Foreign Person’s U.S. Source Income Subject to Withholding. Form 1042-S is an information return filed by a withholding agent to report the amounts paid to foreign persons, as described under the “Amounts Subject to NRA Withholding and Reporting.” Form 1042-S applies even if the filers didn’t withhold any income tax.
To report the income shown on the Form 1042-S follow the steps below:
- Click Federal > Wages & Income>all income>
- Go to the last selection, Miscellaneous Income, and click Start
- Go to the last option, Other reportable income and click Start
- When it asks, "Any other reportable income?" say yes and then type in a description and the amount to report it on your tax return. For the income description, record it as 1042 S (provide the description such as real estate income, dividend, scholarship, etc).
Since there was no tax withheld in Boxes 7 and 10, there is nothing to report for taxes withheld.
Please review the IRS instructions below for more information. Click on Instructions
IRS Form 1042-S
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