1042-S for resident alien from brokerage firm

[dw747]

Hello,

I am resident alien and received 1042-S (Details below) from my brokerage firm TD Ameritrade. I would like to know if i can enter the details in 1099-DIV form. also will it come under ordinary dividend or qualified dividend. Any help is appreciated.

Income code 01: gross income is 1 and federal tax withheld is 0

Income code 06: gross income is 136 and federal tax withheld is 34

Income code 08: gross income is 41 and federal tax withheld is 0

Thank you

[DianeW777]

Yes, you can report this using the 1099-DIV.  

• IRS Instructions 1042s (page 37)

Qualified Dividends: Qualified dividends are a special type of dividend that often receive preferential tax treatment. They're taxed as long-term capital gains (the rates are 0%, 15%, and 20%). In order to be considered qualified dividends, they must: Be paid by an American company or a qualifying foreign company.  Check with your company to see if your dividends are qualifying dividends.

• Holding period: Dividends are separated into two classes by the IRS, ordinary and qualified. A dividend is considered to be qualified if you have held a stock for more than 60 days in the 121-day period that began 60 days before the ex-dividend date.2 It is an ordinary dividend if you hold it for less than that amount of time.