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New Member
posted Apr 6, 2025 3:35:33 PM

Do I need to file 1042-S with income code 29 as a nonresident alien?

Hey folks, I am a first year Master's student on F1 visa. I have a teaching assistantship and I already filed my taxes for 2024. However, a couple days ago, I received Form 1042-S from my bank for receiving the account opening referral bonus. The form has following codes:

 

1. Income code: 29

3a. Exemption code: 02

3b. Tax rate: 0
4a. Exemption code: 15
4b. Tax rate: 0

I cannot find any accurate information online, on whether I need to file this specific form with rest of my forms. I have already filed my taxes so I would need to file an amendment, which I can, if I figure out the answer to this.

Thank you so much for your help in this.

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1 Replies
Expert Alumni
Apr 7, 2025 1:57:45 PM

Yes, this is income that needs to be reported. Please contact Sprint tax here to prepare the amendment process.