I received 1042S form with code 29 from bank, it says I have to attach a copy with my federal and state tax returns. If I put the information as a 1099 INT , do I need attach this forms ? since the tax rate is 0%? Please reply asap. Thanks!
It depends,
If you are filing by mail then you will attach the Form 1042-S to your return. If you are electronically filing your return, then you will not need to send a copy of Form 1042-S to the IRS (but just make sure to keep a copy of the 1042-S with your tax records).
Hi .. I am in the same situation where i have received 1042S income code 29 and tax rate is 0%. When I enter it as 1099 INT .. it is applying the tax. Is it expected
It depends,
If you are filing by mail then you will attach the Form 1042-S to your return. If you are electronically filing your return, then you will not need to send a copy of Form 1042-S to the IRS (but just make sure to keep a copy of the 1042-S with your tax records).