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mxxjoko
Level 2
January 15, 2026
Question

Question regarding 1042-S

  • January 15, 2026
  • 1 reply
  • 48 views

I am worried that I made a mistake for the past 2 years in filing my taxes.

 

I am a NRA and I work in foreign government, so I don't pay taxes to the US government. 

I made some interest through money market savings, and I filed a W-8BEN to the bank to let them know my NRA status. 

My 1042-S for 2024 shows income code 29, 3 "3", 3a "N/A", 3b "30", 4a "15", 4b "0", 7a "0", 8 "0"

For tax year 2023, Ally Bank initially sent me a 1099-INT, but I filed a W-8BEN and was told by the bank that I am exempt from taxation, but never received a 1042-S. 

I haven't filed any taxes for the past 2 years. 

 

FYI I am a Korean national. 

    1 reply

    P
    Level 15
    pk_Level 15
    Level 15
    January 15, 2026

    @mxxjoko , let me make sure I understand the situation correctly :

    (a) You are a Korean ( South ) citizen in the USA on a diplomatic visa ?

    (b) You work at/ for the Korean embassy/consulate

    (c) You have been here in the USA for at least since 2023

    (d) You have some  US sourced  passive earnings ( interest )

    (e) You have a 1042-S from a US financial institution with whom you have filed a W-8-BEN

    Question is whether you needed to file a US 1040-NR recognizing the US sourced passive income ( specifically  interest from a US bank ).

     

    While I await your response  , I will refresh my memory on the US-South Korea  Tax Treaty.

     

    M
    mxxjokoAuthor
    Level 2
    January 15, 2026

    Yes to (a)~(e). 

     

    I moved to the states summer of 2023.

     

    I can't recall filing a US 1040-NR, but I basically did all that my bank told me to do. 

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