1042-S for resident alien

[random86]

In 2022, I became a resident alien for tax purposes. However, I forgot to submit W-9 to my bank, and they cosidered me as a non-resident alien (I was a non-resident alien in 2020 and 2021, and they used my W8-BEN form). Because of that, they issued me a 1042-S form showing that I got $1 income for my savings account in 2022. As it is 1042-S, and not 1099, de minimis rule was not applied.

Can someone please suggest how should I act when filing my tax return? Should I simly consider this form as 1099?

[MinhT1 · Accepted solution]

Occasionally a U.S. resident filing Form 1040 will receive Form 1042-S. There is no menu line in the resident return to enter this form, since it's a form intended for nonresident filers, so you will need to examine the form to determine the nature of the income and the best place in the return to enter it.

If it reports interest, enter it as if you received form 1099-INT.

You can enter your form 1099-INT by following these steps:

1. In TurboTax, open your tax return
2. Click on Federal in the left-hand column, then on Wages & Income
3. Continue to All Income, locate the section Investments and Savings and click on Show more
4. Click Start next to Interest on 1099-INT.

[JohnPerea · Accepted solution]

The bank's form 1042-S is based on information that they had at the time. When information conflicts, make adjustments as needed to represent what is true. Since you are a resident alien and can prove it, then treat the form as a 1099, since you can't be both a resident alien and a non-resident alien at the same time.