Form 1042 -S

Forum|Forum|2 years ago
April 6, 2024
4 replies
45 views

I'm a resident alien and need to file a tax return. I received a form 1042-S (

Foreign Person's U.S. Source Income Subject To Withholding) for a CD interest I have in a Miami FL bank. The form has my old out-of-country address and that is why I believe I received this form instead of 1099. How do I report the Gross income in Turbo Tax Premier?

pk_

Level 15

@fsolares61 , assuming that you are (a) Resident for Tax purposes, (b) there are no treaty conditions that apply and (c) your tax home is USA, I would first ask the Florida bank to issue a corrected form ( i.e. cancel the 1042-S and issue a 1099- INT or DIV as is appropriate) and file a 1040 with extension -- i.e. after you have received the correct form.

If that is not possible or advisable then , transfer the details of the 1042-S as if you had received the correct form(s). Don 't forget to transfer any taxes withheld.

Is there more I can do for you ?

fsolares61Author

Level 2

Thank you for the information and quick reply. If I use the 1042 S form, how do I enter the information included in the form in turbo tax premier? I didn’t understand that part of your reply.

pk_

Level 15

@fsolares61 , if the 1042-S is for interest income then you enter the data as if you had received a 1099-INT. Tell TubroTax that you have interest income and it will walk you through the process -- you just tell it you do not have a 1099-INT and it should then walk you through .

more ?