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Level 2

Solved

I received a 1042-S with income code 01

Forum|Forum|4 years ago
March 26, 2022
1 reply
0 views

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.

Best answer by DaveF1006

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):

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

Level 14

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.

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Level 2

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

DaveF1006Answer

Level 15

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):

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

**Say "Thanks" by clicking the thumb icon in a post. **Mark the post that answers your question by clicking on "Mark as Best Answer"