Filed as a Resident Alien, But Received a 1042-S form after filing

[hylda95]

Hello,

I filed my taxes last week as Resident Alien, using W2 form, but I received my 1042-S form three days ago only, so I didn't include it. I didn't know my American Bank Account was still set on NON Resident Alien, so I was not expecting to get the 1042-S form.
Do I have to re-file my Tax Return or shall I wait to hear back from IRS before any amendments?

Also, is it worth filing an amendment, when on the 1042-S form I have
1. Income code: 29 (Deposit Interest)

2. Gross Income: 13

3. Chapter indicator: 3

3a. Exemption code: 02 (Exempt under IRC)

4a. Exemption code: 15 (Payee not subject to Chapter 4 witholding)

3b / 4b. Tax Rate: 00.00

From 5 to 11: 0

Finally, I only received Copy B, C and D of 1042-S. Do you know who has Copy A? Does my American bank hold it or do they submit it to IRS or some other Federal institutions?

Thanks

[pk]

@hylda95 , 

(a) which country are you from?

(b) when did you enter USA and with which visa

(c)  was there a status  adjustment  ( like H-1B )  or you just met SPT ?

I would suggest, go back to your return, save it as original  filed/ accepted.  Then  modify the return by adding the interest income  ( $13 ) and see  if your  tax liability changes  by more than say  $5.   If it does not , then forget about it.   If the change is more than that minimum, then after your return has been processed and  refund issued, go file an amended return covering this  missed income.

Does this make sense ?

Is there more I can do for you ?

[AZAZA]

Hi, I am pretty much in the same situation. I am wondering where I can add this interest income. Should I report it as if I have a form 1099-INT or should I report it as other taxable income? Thank you

[pk]

@AZAZA ,  it would be helpful if you could answer the same questions that were posed above.

In general , however, and assuming that  (a) you are a resident for tax purposes; (b) there is  no treaty  impacts/ assertions and  (c) you are living in the USA,  I would enter the interest income from 1042 as if you had received a  1099-INT or DIV whichever is applicable and enter  any taxes withheld in the appropriate  area on 1040.

Is there more I can do for you ?

[hylda95]

(a) Italy

(b) July 2022, L1A

(c) no status adjustment, just met SPT

I tried to modify the return (without confirming yet) and the Federal due is $3 only, while State is $1 only. Shall I just forget it and cancel the amendment, instead of submitting it?

Thanks

[pk]

@hylda95 , for this small effect, you can just forget it .  If IRS catches it ( and if financially worth it -- I don't think so ), they will send you a notice -- thus you don't have top amend a return .  For my money it costs IRS a hole lot more to process   for such a small gain.  Ignore it.

Of course , you have to see what is in your best interest.

Is there more I can do for you ?