How to report 1042-S Income code 06

[gtushar1991]

I received a 1042-S with Income code 06 for 2023. 
I am not sure why fidelity issued me this form, because I moved in the US in 2022, and stayed in the US for all of 2023.

Anyway, income code 06 means dividend income, but fidelity also issued me 1099-B and showed the dividends there too. 

My question is, do I have to report this on my tax return? If so, how do I do this using Turbo Tax. There is tax withholding too on this amount.

[JamesG1]

IRS form 1042-S box 1 code 6 reports dividends.  Report the dividend income in TurboTax as if reported on IRS form 1099-DIV.

You may want to report both dividend income entries but select I need to adjust these dividends at the screen Do these uncommon situations apply in TurboTax Online.

Then adjust out the total amount of the dividends by selecting Other adjustment at the screen Tell us about your dividend adjustment.

So you would report dividends of $100 as follows:

Fidelity     $100

1042-S      $100

Adjusted -$100

Total         $100

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.

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.

[gtushar1991]

Turbo tax is giving me trouble and asking to review this.

I added a 1099 DIV for 1042-S. Qualified dividends = $100, Ordinary dividends = $0, adjustment = $100

The review says: 
- Box 1b should be less than or equal to Box 1a on 1099-DIV
- Adjustment amount should be less or equal to the sum of Box 1a plus Box 2a plus Box 3

I keep pressing "continue", but it's not letting me file.

[JamesG1]

In TurboTax Online Premium, I am able to enter $100 in box 1a Total ordinary dividends and $0 in box 1b Qualified dividends.  Continue.

At the screen Do these uncommon situations apply, select I need to adjust these dividends.  Continue.

At the screen Tell us about your dividend adjustment, I entered $100 and selected Other adjustment.  Continue.

Or, since this is a duplicate of what Fidelity reported, you may elect not to report the duplicate income and reverse it out.  

If so, retain a record of the transaction with your tax records should a tax authority have a question about it at a later time.

@gtushar1991