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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. 


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?

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3 Replies
DaveF1006
Expert Alumni

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

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

 

  1. Open your return in TurboTax 
  2. Click on Wages & Income 
  3. Scroll down to All Income 
  4. Scroll down to Less Common Income 
  5. Scroll down to Miscellaneous Income, 1099-A, 1099-C 
  6. Click start 
  7. Scroll down to Other reportable income 
  8. Answer yes 
  9. Enter description and amount   here enter 1042-S and $5 for the amount.
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[Resident Alien] Form 1042-S sent by Chase bank

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?

DaveF1006
Expert Alumni

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

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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