1042-S CODE 29 AND T5 SLIP

Itseoulit — Sun, 29 Mar 2020 19:50:15 GMT

First off, I'm here on a TN-Visa from Canada and I received a 1042-S income code 29 from Chase Bank (not sure why) by mail the other day, but I am not sure exactly where I should put this information. I hear you should put the information in 1099-INT, but the information I have in the document doesn't match the boxes on Turbotax. Every box on the 1042-S is $0 except box 2 with gross income $200, box 3 code is 02 and box 4 is 15. Can someone help me out? Also, I'm not sure if I should even report this since everything is 0.

Re: 1042-S CODE 29 AND T5 SLIP

KarenJ2 — Sun, 29 Mar 2020 20:38:53 GMT

Per IRS, code 29 on a Form 1042-S is for reporting interest from your bank accounts. You would treat it as if you receive a Form 1099-INT.

You would only need to enter the gross income amount as $200.

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1042-S CODE 29 AND T5 SLIP

Re: 1042-S CODE 29 AND T5 SLIP