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goldboy441
Returning Member

Received 1042-S instead of 1099

Hi, 

 

I am an international student on F1 status and pass the substantial presence test for tax year 2023. However, my brokerage account (Robinhood) has sent me a 1042-S instead of 1099s. Now, how should I go about reporting both my dividends as well as my Capital Gains (have made some stock sales). Just an FYI the 1042-S is of income code 6 and has non-zero numbers in boxes 2 and 7a. 

 

Thanks!

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1 Reply
JamesG1
Expert Alumni

Received 1042-S instead of 1099

If you are filing an IRS form 1040 in TurboTax Online, report the dividend income as follows:

 

  • Down the left side of the screen, click Federal.
  • Down the left side of the screen, click Wages & Income.
  • Scroll down to Investments and Savings and click on the dropdown menu.
  • Click Start/Revisit to the right of Dividends on 1099-DIV.

If you are filing an IRS form 1040 in TurboTax Online, report the gain from the sale of a capital asset as follows:

 

  • Down the left side of the screen, click on Federal.
  • Down the left side of the screen, click on Wages & Income.
  • Scroll down to Investments and Savings and click the down arrow to the right.
  • Click Start / Revisit to the right of Stocks, Cryptocurrency, Mutual Funds, Bonds, Other.
  • Click Add investments.
  • At the screen Let's import your tax info, click Enter a different way.
  • Click on Stock, Bonds, Mutual funds. Click  Continue.
  • At the screen Which bank or brokerage is on your 1099-B, enter the information. Click Continue.
  • Do these sales include any employee stock, click No.
  • Do you have more than three sales on your 1099-B, click No.
  • Do these sales include any other types of investments, click No.
  • Did you buy every investment listed on your 1099-B, click Yes.  Click Continue.
  • At the screen Now, choose how to enter your sales, select One by one.  Click Continue.
  • At the screen Look for your sales on your 1099-B, click Continue.
  • At the screen Now enter one sales total on this 1099-B, enter information. Click Continue.
  • Repeat as necessary by clicking  Add another sales total.  Click Continue.

If you are filing an IRS form 1040 In TurboTax Online, report Federal income tax withheld as follows:

 

  • Down the left side of the screen, click on Deductions & Credits
  • Scroll down to Estimates and Other Taxes Paid.  Click the down arrow to the right.
  • Click Start/Revisit to the right of Income Taxes Paid.
  • Click Start/Revisit to the right of Other Income Taxes Paid in 2023.
  • Click Start/Revisit to the right of Withholding not already entered on a W-2 or 1099.
  • At the screen Do you have any tax withholding you haven't entered yet, select Yes.

@goldboy441 

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