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robingomi
New Member

Received 1042-S instead of 1099-INT

Dear Community,

 

My wife suddenly and unexpectedly received 1042-S statements from her bank instead of the usual 1099-INTs.  (We have never received a 1042-S in our lives).  Should I contact the bank and have them issued as 1099-INTs?  She is a foreign national, but has a green card (resident) for the past 20+ years.  I know of no status change.

Turbo Tax does appears to not support 1042-S.

 

Help!

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1 Reply
MaryK4
Employee Tax Expert

Received 1042-S instead of 1099-INT

Because your wife is a resident alien, she should have received a 1099-INT not the 1042-S.  You may want to contact the bank and see if they require a W-9; if they have not already filed the 1042-S with the IRS they may be able to make the correction and return the withholding.  (They also can file a corrected form with the IRS that zeros out the 1042-S and then issue you a proper 1099-INT.)

 

If the bank is not able, you still can add the information if her tax identification number on the 1042-S is the same as on the tax return.  Make the entry in TurboTax on the 1099-INT screen, and check the box that "My form has info in other boxes (this is uncommon).  Enter the withholdings from the 1042-S in Box 4 for Federal income tax withheld.  The 1099-INT entry is not sent to the IRS through TurboTax, it is just used to record the interest income in the correct place on the tax return.  

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