topic [Resident alien] Form 1042-S received from Chase bank in Deductions & credits

[Resident alien] Form 1042-S received from Chase bank

Mohit — Mon, 09 Mar 2026 08:11:00 GMT

I received Form 1042-S from Chase bank. I'm resident alien for tax purposes. (I'm not sure why I got this, last year I got 1099-Int).

Details from form:
Box 1 - Income code - 29
Box 2 - 2$ (giving a lot of headache)
Box 3 - Chapter indication - 3
Box 3a- Exemption code 02
Box 4a - Exemption code 14

How do I report this?
If I have to report this, can I still efile?
Since I'm resident alien, should I get this form from chase?

Re: [Resident alien] Form 1042-S received from Chase bank

DanaB27 — Sun, 13 Mar 2022 15:24:26 GMT

You might want to contact Chase and ask why you got Form 1042-S since you are a resident.

For now you can enter the $2 interest like this:

Login to your TurboTax Account
Click on "Search" on the top right and type “1099-INT”
Click on “Jump to 1099-INT”
Select "Interest"
Select "Type it myself"
For Received from enter "Chase" and enter "2" in box 1

Re: [Resident alien] Form 1042-S received from Chase bank

Mohit — Sun, 13 Mar 2022 17:24:15 GMT

Thank you @DanaB27 for the reply. I will surely contact Chase.

Is there any problem representing 1042-S as 1099-INT?

Will IRS be looking for my 1042-S?

Re: [Resident alien] Form 1042-S received from Chase bank

DanaB27 — Sun, 13 Mar 2022 19:21:00 GMT

No, this will not cause any issues with the IRS since you have reported your interest income correctly on your return.

Re: [Resident alien] Form 1042-S received from Chase bank

Mohit — Sun, 13 Mar 2022 20:11:58 GMT

Thanks @DanaB27

Re: [Resident alien] Form 1042-S received from Chase bank

Chiggi1188 — Mon, 18 Mar 2024 23:50:45 GMT

Hi Mohit,

i have also received this year . Could you please let me know what you have done to resolve this issue.

Re: [Resident alien] Form 1042-S received from Chase bank

AmyC — Tue, 19 Mar 2024 00:19:55 GMT

Income on the 1042-S should be reported on an equivalent form. You can see a list of codes here. If you want to reply with your boxes or what income you need to report, we can help you file it the right way.

@Chiggi1188

Re: [Resident alien] Form 1042-S received from Chase bank

Chiggi1188 — Tue, 19 Mar 2024 00:27:48 GMT

Hi , thank you for replying.

Details from 1042s:
Box 1 - Income code - 29
Box 2 - 600$
Box 3 - Chapter indication - 3
Box 3a- Exemption code 02
Box 4a - Exemption code 15

i am resident alien and filing with w2.

Re: [Resident alien] Form 1042-S received from Chase bank

AmyC — Tue, 19 Mar 2024 00:43:44 GMT

You have two steps. You need to file the income as a 1099-INT and then subtract it out.

Code 29- bank interest $600

Exempt interest under IRC and not subject to withholding.

Follow these steps:

Federal income
Interest and dividends
Interest on 1099-INT, start
Did you receive interest income?, select yes
Select I'll type it in myself, continue
Received from, enter payor and the amount, continue
Tell us if any of these uncommon situations apply, select I need to adjust the taxable amount
Continue
Enter the same amount, as a positive
Select Other reasons, continue

@Chiggi1188