Forgot to report the amount of 1042S forms

[jerryzhai]

Hi,

I am a PhD student and have lived more than 5 years in the US since my undergraduate college, so I am now considered a resident alien. 

I recently just filed my 2020 federal and state tax refund on Turbotax. However, I founded out that I only reported numbers from my W-2 form and forgot to enter the amount from my 1042S forms. Do I need to make a new tax return to include those as miscellaneous income or edit my tax return files? Sorry I found out the problems so late, but I don't want to miss anything on tax returns. Please let me know if I can add any additional information to file the 1042S forms. 

[ErnieS0]

Amend your tax return. You don’t need to make a new return. Fix the one you filed and send the revision to the IRS and state.

The TurboTax amend software will be available beginning March 25.

See: How to amend (change or correct) a return you already filed

TurboTax does not support Form 1042-S but you can enter the numbers to complete your amended tax return.

For help in entering your Form 1042-S see: How to enter 1042-S in Turbotax Deluxe?

[jerryzhai]

Hi,

I am little confused. When I clicked on amend my return, there are three options popped out:

I am not sure which one I should choose to fill in the information on 1042 S forms. I've tried all of them, but none of them took me to add a new form about scholarship or grant. I am using TurboTax Free edition, so I also cannot go to the same option as in TurboTax Deluxe provided in the forum link from you reply. Can you provide more details and instructions to add a new form to my current Return? Thanks!

[ReneeM7122]

The option that you would need to choose is the third, "I haven't finished my amended retun yet and want to make changes before I file."

You should not add a scholarship grant; rather, look at form 1042-S.   The income code on there should be code 16, Exemption Code (4a).  You will then create a mock 1098-T and treat it as scholarship income.

To enter code 16 scholarship income, you would treat it as receiving a Form 1098-T.  You will treat it as receiving a scholarship or fellowship to offset your qualified education expenses if there are any.  

Here are the steps:

• Sign in to your account, select Pick up where you left off
• At the right upper corner, in the search box, type in "1098t" and Enter
• Select Jump to 1098t
• On the screen, Now Let's gather XYZ's Additional Education Expenses
• Follow prompts
• Next screen, Your Education Expenses Summary, select Edit
• Next screen Here's Your Education Summary, under Tuition, select Edit to enter tuition information

As far as your tax withholding, here are the steps:

• At the right upper corner, in the search box, type in estimates paid and Enter
• Select Jump to estimates paid
• On the screen, Estimates and Other Income Taxes Paid, scroll down to select the section and enter information.

Steps from LenaJ2020

[j0shie7]

Hi Jerry, I am in the same situation and just saw your post. I filed my taxes in April but just received a 1042-S from from my university. I am also a PhD student and used turbotax to file as a resident alien. Wanted to ask you what you did to file for the 1042-S.

Thanks,

Eureka

[DaveF1006]

Yes. You will need to file an amendment to your tax return.

1. Log into Turbo Tax assuming you use Turbo Tax online
2. When you reach the landing page, scroll to the bottom where your tax returns and documents are.
3. Select 2020, and click on the option to amend and change return.
4. Answer the questions about why you are amending
5. Once you begin working in your return, your refund monitor will reset to 0. 
6. To your left, select Federal, from the top, select Wages & Income, scroll down to Less Common Income ( very  last section on the screen) 
7. Click on Show more drop-down menu, scroll down to Miscellaneous Income, 1099-A, 1099-C- Start 
8. Select Miscellaneous Income>other reportable income>start
9. For the explanation, type in 1042-S income and then the amount.

[j0shie7]

Hi Dave, Thanks for the information! I filed an amendment to my tax return earlier today using one of the suggestions online- Estimates and Other Income Taxes Paid> Other income tax paid in 2020> withholding not already entered on W2 or 1099>  federal tax withholdings.  Not sure if I did it right but I received an email from TurboTax a while ago saying that the federal amended return has been accepted. I mentioned about the 1042-S form in a description box for federal with holdings. Do you know if the way I did it is okay?

Thanks,

Eureka

[DaveF1006]

No, it sounds like you did this correctly using the Turbo Tax suggestion.