1042-S forms with code 01 and code 06. How to enter in Turbotax. Do I need to file by mail or can I still e-file?

[alvarus82]

I'm filing as resident and Scottrade sent me two 1042-S forms. The total amounts are under $100.

In box 1, one form has code 01 and the other has code 06.

Since I'm filing as resident, I want to see if I can enter these manually on Turbo Tax (I know that it doesn't support these forms).

Could someone point me to the correct way to input the income for both of these codes in Turbotax?

[DS30 · Accepted solution]

Yes, you can include this information on your 1040 as follows:

For your 1042-S with Code 1 (interest income):

You will enter this as interest income as if you received a 1099-INT.

To enter this interest income in TurboTax Online or Desktop, please follow these steps:

1. Once you are in your tax return, click on the “Federal Taxes” tab ("Personal" tab in TurboTax Home & Business)
2. Next click on “Wages & Income” ("Personal Income" in TurboTax Home & Business)
3. Next click on “I’ll choose what I work on” (jump to full list)
4. Scroll down the screen until to come to the section “Interest and Dividends”
5. Choose “ Interest on 1099-INT” and select “start’
6. Select "I'll type it in myself"
7. Enter the name of the brokerage firm and  the amount (in USD) in box 1
8. Check the box "My form has info in more than just box 1 (this is uncommon)".
9. Enter any Federal income taxes withheld in box 4

For your 1042-S with Code 6 (dividend income):

You will enter this as dividend income as if you received a 1099-DIV.

To enter this dividend income in TurboTax Online or Desktop, please follow these steps:

1. Once you are in your tax return, click on the “Federal Taxes” tab ("Personal" tab in TurboTax Home & Business)
2. Next click on “Wages & Income” ("Personal Income" in TurboTax Home & Business)
3. Next click on “I’ll choose what I work on” (jump to full list)
4. Scroll down the screen until to come to the section “Interest and Dividends”
5. Choose “ Dividends on 1099-DIV” and select “start’
6. Select "I'll type it in myself"
7. Enter the name of the brokerage firm and  the amount (in USD) in box 1a (If qualified dividends also include this amount in box 1b.)
8. Check the box "My form has info in more than just box 1 (this is uncommon)".
9. Enter any Federal income taxes withheld in box 4

[alvarus82]

Thank you so much!

[DS30]

You are welcome.