Resident alien (F-1 visa/student): received 1042-S forms and not sure how to report

Forum|Forum|7 years ago
June 3, 2019
1 reply
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I've recently become a resident alien for tax purposes (although I am still on an F-1 visa): so I am trying to use Turbotax to file my taxes this year. Unfortunately, things have gotten a bit complicated because I received two 1042-S forms along with my W2. This extra income is NOT part of my W-2.

Form 1 (for a prize I won in an on-campus contest): Income code 23, exemption code 15. Income: 3671, Tax withheld: 1101

Form 2 (for a research travel grant): Income code 16, exemption code 15. Income: 525, Tax withheld: 74

I tried to include these amounts as "additional income not reported on a W-2" in Turbotax, and the taxes as "other taxes withheld", but this is bumping my refund up by quite a bit, so I am not sure if I am doing this right. Also, the 'prize' I got was $2500, as it was originally supposed to be, so to get a refund on the withholding seems like cheating somehow? Does anyone have experience/advice regarding what to do with the 1042-S forms?

TurboTax Basic Windows

KarenJ2

Level 13

It sounds fine the way you are reporting your income in TurboTax.

They grossed up your prize money, paying your taxes for this. As they grossed it up for taxes at 30% rate, your actual rate on your federal return is probably much lower, giving you a refund.

2018 Federal Income Tax Brackets for Single - see attached screen shot

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