Box 1 code 01 reported on an IRS form 1042-S is interest paid.
See Instructions for form 1042-S, page 37, here.
On an IRS form 1040 income tax return, report as interest income reported on IRS form 1099-INT.
- Down the left side of the screen, click Federal.
- Down the left side of the screen, click Wages & Income.
- You may need to click Add more income.
- Scroll down to Investments and Savings and click on the dropdown menu.
- Click Start to the right of Interest on 1099-INT.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"