1099 int and 1042-s

[Helen123]

Hi

If one bank issues the both 1099-int (e.g. 11 dollar interests) and 1042-S, may I ask how to report it for the tax?

1. 1099-int shows the real interests I received from the bank, but 1042-S shows 1 dollor gross income, withholding allowance 0 dollar and net income 0 dollar (To be honest, I even do not receive this 1 dollar in real). Shall I use 11+0 or 11+1 as my interests income from the income? 

2. Should I treat my 1042-S as my another 1099-int from the bank?

3. 1042-S is sent to me with paper only. I think if I choose to send my tax return by mail, I need to attach my 1042-S. Do I need to attach my 1099 forms as well?

4. If I choose to do the e-filing, do I need to send any forms to IRS by mail? I think for e-filing, I do not need to attach any documents to the IRS. Please correct me if I am wrong. 

Thanks. 

Thanks.

[JohnB5677]

Such a small amount will have little effect on your tax return.

• See below on how to post both the 1099-INT and the 1042-S.
• Post the 1042-S as described below, not as a 1099-INT.
• If you choose to mail your return, all income documents should be attached.  Your printout will include extra documentation and calculation worksheets for your files, but not W-2s, 1099s, or any other forms from your employer, bank, brokerage, etc. because TurboTax didn't generate those forms.
• If you choose to E-file your return you do not have to send any additional forms with your return. TurboTax will provide the IRS with them.

To post the 1099-INT:

1. Select Federal
2. Wages & Income 
3. Scroll to Investments & Savings and 
4. select Show More,
5. Start or Revisit next to Interest on 1099-INT - Okay! 
6. Time to kick off your investments! 
7. Yes, on the screen Did you receive any interest income? then Continue.
   • If you see the screen Your investments & savings or Here's your 1099-INT info, select. 
   • Add investments or add another 1099-INT, then Continue.
8. Choose how you'd like to enter your 1099-DIV:
   • If you'd rather manually enter your form, select. 
     • Change how I enter my form, select. 
     • 1099-INT, then 
     • Type it in myself on the following screen.
9. Follow the on-screen instructions to enter the info from your 1099-INT.
10. When you reach the screen Here's your 1099-DIV info, the form you just entered should be listed.

• If you need to enter another 1099-INT, select Add another 1099-INT and follow Steps 4-6 above.

Note: Don't combine the amounts from two or more 1099-INT forms if they're from the same payer—enter each form separately.

To post the 1042-S

You can report the 1042-S as other reportable income.

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 

To report the US tax paid:

1. With your return open
2. Click on Deductions & Credits
3. Scroll down to Estimates and Other Taxes Paid\
4. Click on Other Income Taxes
5. Scroll down Other Income Taxes

Click on Withholding not already entered on a W-2 or 1099

If this does not completely answer your question, please contact us again and provide some additional details.

[Helen123]

Many thanks. That is super helpful. 

So, if I choose e-filing, I do not need to care anything. If I choose mail the tax return, I need to send the print out from turbotax + W-2s, 1099s, or any other form I received, right?

[MaryK4]

That is correct, you will only need to mail the forms with withholding, if you efile, you do not have to mail separately. @Helen123 

[Helen123]

gotcha, thx