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Level 1
posted Mar 14, 2024 8:57:47 AM

Filed as a Resident Alien, But Received a 1042 - S from my bank

I filed my taxes for the 2023 tax year in February as a resident (since I have been on a valid visa in the US for more than 7 years) paying the taxes due and the return was accepted/approved by both my state and the IRS.

 

Today I received a form 1042-S, "Foreign Persons US Source Income Subject to Withholding" from my Bank since i had opened an account with them in Oct of last year. The Gross income shown is $225, which is basically an opening bonus that they were providing at that time for new accounts if i remember correctly, however the federal and state taxes withheld is $0.

 

I am totally confused on what I am supposed to do with this form since I am considered a resident for tax purposes and have already filed my return which was accepted and approved. TurboTax/other software do not seem to provide an option for adding form 1042-S when i try to amend my return.

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1 Best answer
Expert Alumni
Mar 14, 2024 9:57:04 AM

To report a 1042-S Bank Account Bonus in TurboTax follow these steps:

  1. Open your return.
  2. Select Federal tab.
  3. Select Wages & Income tab.
  4. Scroll down to Less Common Income, and Click Start next to Miscellaneous Income, 1099-A, 1099-C.
  5. Scroll down to Other reportable income, Click on Start.
  6. On Any Other Taxable Income? Page, Click on Yes.
  7. Enter 1042-S Bank Account Bonus for the description, and enter the amount.  (See image below)
  8. Select Continue; and then Select Done if you have no other items.

This income will show up on Schedule 1, Line 8z, with your description next to it.  It will carry forward to your 1040 form, Line 8.

 

 

3 Replies
Expert Alumni
Mar 14, 2024 9:57:04 AM

To report a 1042-S Bank Account Bonus in TurboTax follow these steps:

  1. Open your return.
  2. Select Federal tab.
  3. Select Wages & Income tab.
  4. Scroll down to Less Common Income, and Click Start next to Miscellaneous Income, 1099-A, 1099-C.
  5. Scroll down to Other reportable income, Click on Start.
  6. On Any Other Taxable Income? Page, Click on Yes.
  7. Enter 1042-S Bank Account Bonus for the description, and enter the amount.  (See image below)
  8. Select Continue; and then Select Done if you have no other items.

This income will show up on Schedule 1, Line 8z, with your description next to it.  It will carry forward to your 1040 form, Line 8.

 

 

Level 2
Mar 16, 2024 10:11:17 AM

@TomK2023If I have "Federal Income Tax withheld" in 1042-S, then how should I report it using the method you described above? There is only income amount I think but not for withheld tax.

Expert Alumni
Mar 18, 2024 1:12:35 PM

In TurboTax Online, to report Federal income tax withheld and reported on an IRS form 1042-S, follow these steps:

 

  • Down the left side of the screen, click on Federal.
  • 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 the down arrow 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.

@ajinkya_bankar