Apart from W-2, I received 1042-S, income code 06. What am I supposed to do with this form?

[lixiaoxu]

Hello @TaxGuyBill I am a RA, and I received 1042-S with both box 7 and box 10 = 0. Do I still need to file? The income code in box 1 is 23, and gross income is $10. In box 11, it says tax paid by withholding agent equals $3. Box 3b tax rate is 30%.

[lixiaoxu]

@TurboTaxBelling will really appreciate if you could help!

[lixiaoxu]

@TurboTaxBelling will really appreciate if you could help!

[agrawalknath]

Form 1042-S is like our country form 16A issued by bank. This is the income and TDS made in USA. This form is being submitted before filing of income tax Return as an attachment zip folder with filing of Form 67 of Income tax with your e-filing income tax. Then in Your ITR-2 you will claim the income in Section 90.

[EK703]

Hello all, 

Similar question. I received a 1042-S when I should have received a 1099-Div. IRA rollover took too long to transfer from one company to another, generating a taxed dividend and they sent a 1042-S. It was the transfer company's mistake but they are unwilling to send revised tax form. I'm a US Citizen, living in US. Below are the 1042-S box contents. Please advise how those boxes map into TurboTax boxes. Hoping folks can provide specifics.

Box 1=06

Box 2=151

Box 3=4

Box 3a=12

Box 4b=30

Box 7a=45

Box 10=45

Box 12a=xxx

Box 12c=01

Box 13b= OC

Box 13e=xxx

Box 13f= 10

Box 13g=37

[elamour]

If you have your Form 1042-S and 1098-T you will have to use Turbtax Partner Sprinttax Turbotax Partner Sprinttax to complete your return.   

Who exactly is this Sprintax.com service for?

• International students or scholars in the US
• International teachers and researchers
• Educational visitors on F, H, J, L, M and Q visas
• Dependents of such international educational visitors
• If you don’t have a social security number, but need a tax number ITIN or EIN

I have received a 1042-S - What do I do now? /Sprintax use this link for additional info.

[DaveF1006]

Since you are a US citizen, you will file a 1040 resident return. You will enter the 1042S as a 1099 DIV.  Here is how to enter. Go to the income section in your return then to Investments and Savings (1099-B, 1099-INT, 1099-DIV, 1099-K, Crypto) if using Turbo Tax Online.  The menu path is similar in the Desktop version of Turbo Tax. Now select 1099 DIV when it asks.

Now when the information is entered, you are only concerned with the entries in Box 2, 7A, and possibly 12A.  Here is how to enter. 

1. Once you begin working on the 1099 DIV, first thing to do is to record the name of the issuer of the 1042 S
2. In Box 1A, record the amount in Box 2 of the 1042 S
3. Further down, in the form, select My form has info in other boxes (this is uncommon). Check that Box.
4. In the drop-down, record the federal income tax withheld in Box 4 that is the amount that is listed in Box 7A of the 1042 S.

As far as Box 12A, save that information. In a review, Turbo Tax may ask you for an EIN, FEIN, TIN.  IOf it asks, record the the amount in Box 12A in the section that appears on your screen.

[Taxpayer FWC]

Does the Chapter 3 of the code have your quote

'If both of those boxes are 0, then nothing was withheld and there is no withholding credit and the 1042-S form is just for your informational purposes. '