[Resident alien] Form 1042-S received from Chase bank

[Mohit]

I received Form 1042-S from Chase bank. I'm resident alien for tax purposes. (I'm not sure why I got this, last year I got 1099-Int).

Details from form:
Box 1 - Income code - 29
Box 2 - 2$ (giving a lot of headache)
Box 3 - Chapter indication - 3
Box 3a- Exemption code 02
Box 4a - Exemption code 14

How do I report this? 
If I have to report this, can I still efile?
Since I'm resident alien, should I get this form from chase?

[DanaB27]

You might want to contact Chase and ask why you got Form 1042-S since you are a resident.

For now you can enter the $2 interest like this:

1. Login to your TurboTax Account 
2. Click on "Search" on the top right and type “1099-INT”
3. Click on “Jump to 1099-INT”
4. Select "Interest"
5. Select "Type it myself"
6. For Received from enter "Chase" and enter "2" in box 1

[Mohit]

Thank you @DanaB27  for the reply. I will surely contact Chase.

Is there any problem representing 1042-S as 1099-INT?

Will IRS be looking for my 1042-S?

[DanaB27]

No, this will not cause any issues with the IRS since you have reported your interest income correctly on your return.

[Mohit]

Thanks @DanaB27 

[Chiggi1188]

Hi Mohit,

i have also received this year . Could you please let me know what you have done to resolve this issue.

[AmyC]

Income on the 1042-S should be reported on an equivalent form. You can see a list of codes here. If you want to reply with your boxes or what income you need to report, we can help you file it the right way.

@Chiggi1188 

[Chiggi1188]

Hi , thank you for replying. 

Details from 1042s:
Box 1 - Income code - 29
Box 2 - 600$
Box 3 - Chapter indication - 3
Box 3a- Exemption code 02
Box 4a - Exemption code 15

i am resident alien and filing with w2.

[AmyC]

You have two steps. You need to file the income as a 1099-INT and then subtract it out.

Code 29- bank interest $600

Exempt interest under IRC and not subject to withholding.

Follow these steps:

1. Federal income
2. Interest and dividends
3. Interest on 1099-INT, start
4. Did you receive interest income?, select yes
5. Select I'll type it in myself, continue
6. Received from, enter payor and the amount, continue
7. Tell us if any of these uncommon situations apply, select I need to adjust the taxable amount
8. Continue
9. Enter the same amount, as a positive
10. Select Other reasons, continue

@Chiggi1188