I had e-filed my federal and state taxes through turbotax last week . Today I received a form 1042-S from Chase bank. I am a resident for tax purposes. How do I go about including the 1042-S during filing as I am a resident? Also, How can I amend my return to include the details from 1042-S? Should I start the amendment right away or should I wait for the original return to be processed? Does the amendment involve any penalties/fines.
The details from the 1042-S form are as follows:
Box 1 - Income code - 23
Box 2 - $50
Box 3 - Chapter indicator - 3
Box 3a- Exemption code - 00
Box 4a - Exemption code -15
Box 5 - Withholding allowance - $0
Box 6 - Net income -$0
Box 7 Federal Tax witheld - $0
Box 11 Tax paid by withholding agent (Amounts not withheld) - $15
Box 12b Ch.3 status code - 15
box 12c Ch.4 status code - 01
Searching on the forums pointed me to use Form 1099 but I am unsure how to proceed.
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@rohitdoestax , for amending a filed/ accepted return, suggest you wait till your currently filed return has been processed ( as shown on WMR -- Where is My refund).
When did you enter the country and with which visa ( F-1 ) or are you an NRA with US investment/ Bank account but living abroad?
I there more I can do for you ?
Namaste ji
pk
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