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Level 3
posted Apr 1, 2022 12:03:40 AM

1042S instead of 1099B

I submitted a W8 when opening my brokerage account since I was a student and did not pass the substantial presence test. Half way through the year, I passed the test, which retroactively makes me tax-liable since the year started (roughly). I updated my W9 somewhat late though, and my broker refuses to send an updated 1099 with the information for the first half of the year. I got a 1042S instead just with my dividends. 

 

How should I submit this information? Can I still e-file? 

 

 

 

 

0 6 1684
6 Replies
Expert Alumni
Apr 1, 2022 7:38:46 PM

To clarify, are all your dividends ordinary dividends or are some qualified? You may ask your broker this and if some are qualified, we will help you correctly report this. 

Level 3
Apr 1, 2022 7:49:30 PM

Thanks so much @DaveF1006! Figuring this out has been really stressful. The dividends are all ordinary. Also, apart from that, may I ask you how to report capital gains for stocks? I have the entire reports of stocks sold, and no wash sales. 

Expert Alumni
Apr 5, 2022 10:22:57 AM

Yes, report your stock sales in the follow manner.

 

  1. Go to federal>wages and income>investment income>stocks, bonds, other
  2. Now you will answer some preliminary questions.  Say yes or no if you received a 1099B.
  3.  Next screen is critical because it asks you for the sale price, description, what you originally paid for it, date sold, date acquired etc.
  4. Finish out the section

@LucaX

Level 3
Apr 9, 2022 10:46:21 AM

Thanks! If I did not receive a 1099, are those sales non-covered and not reported to IRS?

Level 3
Apr 9, 2022 11:01:15 AM

Also, I have a stock I bought at different times (all short term though). Do I report each buy as an individual sale? Or do I use the Various more than a date option?

Expert Alumni
Apr 11, 2022 9:22:00 AM

Yes, you can use various as a date option.

 

@LucaX