[Resident Alien] Form 1042-S sent by Chase bank

I have received Form 1042-S from Chase bank. But I should be resident alien for tax purposes for year 2021. It seems this form is for the paperless bonus I received in 2021.

Details from form:
Box 1 - Income code - 23
Box 2 - $5 (paperless bonus)
Box 3 - Chapter indicator - 3
Box 3a - Exemption code 00

Box 3b - Tax rate 30
Box 4a - Exemption code 15

Box 4b - Tax rate 00

How should I report this? I contacted with Chase and they said I was not able to get a 1099 form before tax deadline.
If I have to report this, should I send the hardcopies of forms to IRS by mail rather than efile?
If yes, should I attach the original 1042-S form?

746

Expert Alumni

Apr 7, 2022 5:07:08 PM

You should file even to report this little bit of income. Here is how to report.

Open your return in TurboTax
Click on Wages & Income
Scroll down to All Income
Scroll down to Less Common Income
Scroll down to Miscellaneous Income, 1099-A, 1099-C
Click start
Scroll down to Other reportable income
Answer yes
Enter description and amount here enter 1042-S and $5 for the amount.

Level 2

Apr 9, 2022 12:54:36 PM

Thanks for your reply. Is there a way to enter the tax rate? Additionally, Chase bank did not withhold the tax from this bonus. Do I need to manually adjust the final 1040 form generated by TurboTax?

Expert Alumni

Apr 11, 2022 12:43:11 PM

No, there is no way to enter the tax rate but the good news is, it's irrelevant since there was no tax withheld.

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[Resident Alien] Form 1042-S sent by Chase bank

I have received Form 1042-S from Chase bank. But I should be resident alien for tax purposes for year 2021. It seems this form is for the paperless bonus I received in 2021.