in Education
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!
You'll need to sign in or create an account to connect with an expert.
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.
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
joseph-t-krol
New Member
in Education
tech_360
New Member
gerardlong70
New Member
crookedcartway
New Member
zacharyrsalanga
New Member