Hi, I am a student with F-1 visa and have been in the US for 5 years. I have a 1042-s form, income code 17, chapter indicator 3. I had extra income for a student leadership program. How do I enter this information on turbotax. Any help would be very appreciated!!
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Have you been in the US more than 5 years counting the year you arrived as your first year? If not you need to file a non resident return. Just checking.
You will need to enter the income in the self-employment section of TurboTax. In the search bar at the top of your screen, enter self employment income and click the jump to link. As you were not an employee, you were paid as an independent contractor.
You may need to upgrade to include this income.
Thank you!! One other question, I had a 30% tax rate on the income that I've obtained through this. How do I then claim for the withheld amount?
You will need to enter this tax withholding as follows:
I have one other question, Do IRS receive a copy of the 1042s form? Or do I have to file my taxes by mail to send them the form?
Yes, the IRS receives a copy of Form 1042S from the filing agent. You do not file Form 1042S with your income tax return. Fill out Form 1042S and then mail it to the address specified in the form instructions.
Thanks for the quick response!! I guess, I'm still confused.
I entered 1042S information on TurboTax to file for taxes.
My question is - Do I have to file my taxes by mail to also file for 1024s, as I would have to attach the 1042S form (which I am not able to on TurboTax, compared to W2s)?
Or...
Can I e-file my taxes on TurboTax without sending the 1042s form via mail? In this case, will IRS/state department have the form?
Yes, you can e-file your tax return. You do not need to attach your Form 1042-S to your return. I would keep the 1042-S form with your tax records that you keep each year.
Hi, I am Also a student with F-1 visa and have been in the US for over 5 years. I have a 1042-s form, income code 16, chapter indicator 3. I have the same question, How do I enter this information on turbotax? I also have the deluxe version but there is no place to enter 1042s.
Thank you!
See my colleague Lina's previous answer to a similar question:
If you are a US resident, by receiving a Form 1042- S with the code 16, you will treat it as receiving a scholarship or fellowship to offset your qualified education expenses if there are any. Per IRS, you are required to file a Form 1040 to report your scholarship amount along with your tuition. If you have paid any qualified tuition expenses out of pocket or with scholarship, you would enter information by following the steps below. As IRS receives a copy of your Form 1042-S, you can e-file your tax return. You do not need to submit your Form 1042-S separately.
In TurboTax online edition,
Sign in to your account, select Pick up where you left off
If you have paid in any tax withholdings, to enter the info, follow these steps:
1. Sign back into the program and select Pick up where you left off
2. At the right upper corner, in the search box, type in estimates paid and Enter
3. Select Jump to estimates paid
4. On the screen, Estimates and Other Income Taxes Paid, select the right section to enter information
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