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Level 2
March 15, 2020
Question

How to enter my 1042s form Income Code 17

  • March 15, 2020
  • 2 replies
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Hi, I am a student with F-1 visa and have been in the US for 5 years. I have a 1042-s form, income code 17, chapter indicator 3. I had extra income for a student leadership program. How do I enter this information on turbotax. Any help would be very appreciated!! 

2 replies

Level 13
March 16, 2020

Have you been in the US more than 5 years counting the year you arrived as your first year?  If not you need to file a non resident return.  Just checking.

 

You will need to enter the income in the self-employment section of TurboTax.  In the search bar at the top of your screen, enter self employment income and click the jump to link.  As you were not an employee, you were paid as an independent contractor.

 

You may need to upgrade to include this income.

 

 

 

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atlvinaAuthor
Level 2
March 18, 2020

Thank you!! One other question, I had a 30% tax rate on the income that I've obtained through this. How do I then claim for the withheld amount? 

Level 13
March 19, 2020

You will need to enter this tax withholding as follows:

 

  1. Click on Deductions & Credits at the top of your screen
  2. Scroll down to Estimates and Other Taxes Paid
  3. Click on Other Income Taxes
  4. Scroll down to Withholding not already entered on a W-2 or 1099 and click Start

 

 

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Level 2
April 13, 2020

Hi, I am Also a student with F-1 visa and have been in the US for over 5 years. I have a 1042-s form, income code 16, chapter indicator 3. I have the same question, How do I enter this information on turbotax? I also have the deluxe version but there is no place to enter 1042s.

Thank you!

Level 13
April 13, 2020

See my  colleague Lina's previous answer to a similar question:

 

If you are a US resident, by receiving a Form 1042- S with the code 16, you will treat it as receiving a scholarship or fellowship to offset your qualified education expenses if there are any.  Per IRS, you are required to file a Form 1040 to report your scholarship amount along with your tuition.  If you have paid any qualified tuition expenses out of pocket or with scholarship, you would enter information by following the steps below.  As IRS receives a copy of your Form 1042-S, you can e-file your tax return.  You do not need to submit your Form 1042-S separately.

 

In TurboTax online edition, 

 

 Sign in to your account, select Pick up where you left off

  • At the right upper corner, in the search box, type in "1098t" and Enter
  • Select Jump to 1098t
  • On the screen, Now Let's gather XYZ's Additional Education Expenses
  • Follow prompts
  • Next screen, Your Education Expenses Summary, select Edit
  • Next screen Here's Your Education Summary, under Tuition, select Edit to enter tuition information

 

If you have paid in any tax withholdings, to enter the info, follow these steps:

 

1.  Sign back into the program and select Pick up where you left off 

2.  At the right upper corner, in the search box, type in estimates paid and Enter

3.  Select Jump to estimates paid

4. On the screen, Estimates and Other Income Taxes Paid, select the right section to enter information   

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