topic Form 1042-S is used to report amounts paid to foreign per... in Get your taxes done using TurboTax

Apart from W-2, I received 1042-S, income code 06. What am I supposed to do with this form?

atouris31 — Fri, 07 Jun 2019 22:07:23 GMT

Should I include this somewhere on my 1040 form?

Form 1042-S is used to report amounts paid to foreign per...

Belling — Fri, 07 Jun 2019 22:07:24 GMT

Form 1042-S is used to report amounts paid to foreign persons that are subject to income tax withholding, even if no amount is deducted and withheld from the payment because of a treaty or exception to taxation, or if any amount withheld was repaid to the payee. It is also used to report amounts withheld under Chapter 3 of the Internal Revenue Code.

Sometimes, this form is mailed out strictly for informational purposes and therefore does not need to be included on your return. This is often the case when Resident Aliens receive this form.

The significant items on the 1042-S form are Box 7 and Box 10. Box 7 is US Federal Tax Withheld and Box 10 is Withholding Credit.

If both of those boxes are 0, then nothing was withheld and there is no withholding credit and the 1042-S form is just for your informational purposes.

Income Code 06 on Form 1042-S is used to report Dividends paid by U.S. corporations – general.

Complete instructions for filing your income reported to you on Form 1042-S for tax year 2015, as well as descriptions of all other income codes reported on this form, can be found at the following IRS site: https://www.irs.gov/pub/irs-pdf/i1042s.pdf

TurboTax does not directly support the filing of Form 1042-S, but since yours is reporting U.S. corporate-paid dividends, you can report these amounts in TurboTax under Investment Income. You will enter your information in TurboTax under dividend income reported on Form 1099-DIV.

Also, see the following TurboTax Faq if you need to file a 1040NR NonResident Alien Return: https://ttlc.intuit.com/replies/4028799

Thank you so much for your answer. I have not received fo...

atouris31 — Fri, 07 Jun 2019 22:07:26 GMT

Thank you so much for your answer. I have not received form 1099-DIV. My net income on form 1042-S is reported 0.00. Thus am I supposed to report anything?

Just a note, I am a resident alien for tax purposes and m...

atouris31 — Fri, 07 Jun 2019 22:07:27 GMT

Just a note, I am a resident alien for tax purposes and my 1042-S (why did I receive that, I am a resident alien) form mentions that the total withholding credit is > 0. Income code is 06.

So, is there any income being reported on your Form 1042-...

Belling — Fri, 07 Jun 2019 22:07:28 GMT

So, is there any income being reported on your Form 1042-S or the only amount(s) on there shows 0?

Also, How long have you been a Resident alien of the U.S....

Belling — Fri, 07 Jun 2019 22:07:29 GMT

Also, How long have you been a Resident alien of the U.S. and did you ever receive Form 1042-S in past tax years?

I have been a resident alien for 3 years already. In the...

atouris31 — Fri, 07 Jun 2019 22:07:32 GMT

I have been a resident alien for 3 years already. In the past I have received a 1042-S, because I was doing research and there was a tax treaty between my home country and US. Currently I work at a company and for sure am a resident alien. On my 1042-S form the income code is 06, gross income is >0, chapter 3 is checked and total withholding credit (box 10) is >0. Thank you!

You do not need to file. Please see my updated answer for...

Belling — Fri, 07 Jun 2019 22:07:34 GMT

You do not need to file. Please see my updated answer for the details. I hope I was helpful to you!

@TurboTaxBelling - You have mentioned that "This is often...

ankur280 — Fri, 07 Jun 2019 22:07:36 GMT

@TurboTaxBelling - You have mentioned that "This is often the case when Resident Aliens receive this form", does this mean in some cases even Resident Aliens have to report this form?

@ankur280 You need to report your income, regardless on...

TaxGuyBill — Fri, 07 Jun 2019 22:07:39 GMT

@ankur280 You need to report your income, regardless on what form it is on (or no form at all).

Report your income (if you don't know where, post a new question asking about it, and specify exactly what type of income it is).

If you are a Resident Alien, you should also contact the company that issued the form to get things corrected for next year.

I agree with TaxGuyBill, you definitely have to report th...

bine22 — Fri, 07 Jun 2019 22:07:40 GMT

I agree with TaxGuyBill, you definitely have to report this income (as a 1099DIV). Provide the broker-bank etc. form W9 to have the correct form next year (assuming you are staying in the US )

Hello, I have a question.... I received 1042-s form And I...

vecnezivec — Fri, 07 Jun 2019 22:07:42 GMT

Hello, I have a question.... I received 1042-s form And I have amount of 489$ in box 7. I received in Vegas but I am from Czech republic. I was told that I could get some of this amount Back in my country. Is that right? What can I do? Thx, Jan

When you file your US tax return (if you are a Nonresiden...

TaxGuyBill — Fri, 07 Jun 2019 22:07:43 GMT

When you file your US tax return (if you are a Nonresident Alien, you can NOT use TurboTax), that will determine your actual taxes. You could get some or all of the $489 refunded, or you may owe more taxes.

If you ALSO owe taxes on that money to the Czech Republic, you may be able to get a "Foreign Tax Credit" that would reduce or eliminate any taxes owed on that money.

At any rate, you will need to file a US tax return. If you are a Nonresident Alien or a Dual Status Alien, TurboTax does not do those types of tax returns, and I highly recommend going to a tax professional.
<a rel="nofollow" target="_blank" href="http://taxexperts.naea.org/">http://taxexperts.naea.org/</a>

Hi I am a student with fellowship and I have 1042-s with...

icetritium1332 — Fri, 07 Jun 2019 22:07:48 GMT

Hi I am a student with fellowship and I have 1042-s with income and tax credit.. where do I fill that?

@icetritium1332 Are you are a tax-Resident or are you a...

TaxGuyBill — Fri, 07 Jun 2019 22:07:50 GMT

@icetritium1332 Are you are a tax-Resident or are you a Nonresident Alien for tax purposes?

If you are not sure, please tell us (1) what type of visa you have (if any), (2) how long you have been in the US for the last 4 years, and (3) if you are married, answer those same questions about your spouse.

Hello @TaxGuyBill I am a RA, and I received 1042-S with b...

lixiaoxu — Fri, 07 Jun 2019 22:07:51 GMT

Hello @TaxGuyBill I am a RA, and I received 1042-S with both box 7 and box 10 = 0. Do I still need to file? The income code in box 1 is 23, and gross income is $10. In box 11, it says tax paid by withholding agent equals $3. Box 3b tax rate is 30%.

@TurboTaxBelling will really appreciate if you could help!

lixiaoxu — Fri, 07 Jun 2019 22:07:53 GMT

@TurboTaxBelling will really appreciate if you could help!

lixiaoxu — Fri, 07 Jun 2019 22:07:54 GMT

@TurboTaxBelling will really appreciate if you could help!

Re: I agree with TaxGuyBill, you definitely have to report th...

agrawalknath — Wed, 19 Jun 2019 14:36:31 GMT

Form 1042-S is like our country form 16A issued by bank. This is the income and TDS made in USA. This form is being submitted before filing of income tax Return as an attachment zip folder with filing of Form 67 of Income tax with your e-filing income tax. Then in Your ITR-2 you will claim the income in Section 90.

Re: Apart from W-2, I received 1042-S, income code 06. What am I supposed to do with this form?

EK703 — Sat, 17 Apr 2021 16:43:43 GMT

Hello all,

Similar question. I received a 1042-S when I should have received a 1099-Div. IRA rollover took too long to transfer from one company to another, generating a taxed dividend and they sent a 1042-S. It was the transfer company's mistake but they are unwilling to send revised tax form. I'm a US Citizen, living in US. Below are the 1042-S box contents. Please advise how those boxes map into TurboTax boxes. Hoping folks can provide specifics.

Box 1=06

Box 2=151

Box 3=4

Box 3a=12

Box 4b=30

Box 7a=45

Box 10=45

Box 12a=xxx

Box 12c=01

Box 13b= OC

Box 13e=xxx

Box 13f= 10

Box 13g=37