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I received a 1042-S by mail from the IRS and I'm not sure what's it about

Hi,

I received a latter from the IRS with form 1042-S. The income code is 1 and the withholding agent is the IRS.

 

There are a few things that confuse me about this:

  1. I'm a permanent resident, so not sure why I got a "foreign persons" form
  2. I have no idea which account/earnings is this about
  3. Don't know why the IRS witholded the taxes (usually I get the forms from my bank)

 

My main question is what should I do with this form? And if anyone can shed some light about the above questions

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1 Reply

I received a 1042-S by mail from the IRS and I'm not sure what's it about

  1. I'm a permanent resident, so not sure why I got a "foreign persons" form   Unusual ... did you file with an ITIN or a form 1040NR last year ?
  2. I have no idea which account/earnings is this about  It is simple taxable INTEREST income since the IRS took too long to process the return and they added a few $$ of interest that you may not have even noticed in the refund.
  3. Don't know why the IRS witholded the taxes (usually I get the forms from my bank)  The IRS sent the interest not the bank and the federal withholding was because they did not have your SS# on file for some unknown reason.  No matter, simply add the interest just like bank interest ... payer is IRS box 1 interest and box 4 withholding ... nothing more nothing less.

1099-int fed wh.jpg

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