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Level 1
posted Mar 26, 2022 4:31:19 PM

I received a 1042-S with income code 01

I received Form 1042-S with Income code 01, and not sure why I received it. I have been a resident alien since 2017.How do I enter this information in TurboTax.

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1 Best answer
Expert Alumni
Mar 28, 2022 7:55:26 AM

The IRS issued this because there are taxes withheld that you deserve to receive back as a refund.  Here is how to report.

 

To report the US tax paid ( because you paid tax):

  1. With your return open
  2. Click on Deductions & Credits
  3. Scroll down to Estimates and Other Taxes Paid\
  4. Click on Other Income Taxes
  5. Scroll down Other Income Taxes paid in 2021
  6. Click on Withholding not already entered on a W-2 or 1099
  7. Enter the amount listed on Box 10 of the form.

4 Replies
Expert Alumni
Mar 26, 2022 4:46:30 PM

Form 1042-S Income code 01 is for exempt interest and dividends

TurboTax does not include Form 1042-S.  However, Form 1042-S does not need to filed with your income tax return. Fill out Form 1042-S and then mail it to the address specified in the form instructions.

 

Level 1
Mar 26, 2022 5:38:08 PM

Thanks for your reply, but I received the1042-S from the Internal Revenue Service.

Expert Alumni
Mar 28, 2022 7:55:26 AM

The IRS issued this because there are taxes withheld that you deserve to receive back as a refund.  Here is how to report.

 

To report the US tax paid ( because you paid tax):

  1. With your return open
  2. Click on Deductions & Credits
  3. Scroll down to Estimates and Other Taxes Paid\
  4. Click on Other Income Taxes
  5. Scroll down Other Income Taxes paid in 2021
  6. Click on Withholding not already entered on a W-2 or 1099
  7. Enter the amount listed on Box 10 of the form.

New Member
Sep 19, 2022 11:24:19 AM

I have the same issue. Thanks for your answer. Does this mean that we do not need to take any actions with this 1042-S form?