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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To report a 1042-S Bank Account Bonus in TurboTax follow these steps:
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.
To report a 1042-S Bank Account Bonus in TurboTax follow these steps:
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.
@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.
In TurboTax Online, to report Federal income tax withheld and reported on an IRS form 1042-S, follow these steps:
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