Received 1042-S with income code 29 and 06

[Propeller2127]

Even though my tax status "Resident Alien" for the calendar year 2024, I received four 1042-S with the income codes 29 and 06, two of each. Going through the forum posts, it seems like I can report the forms with income code 29 under 1099-INT and 06 under 1099-DIV.

I couldn't find exactly which fields to use in the 1099 forms.

For 1042-S forms with income code 06, I

• entered the gross income (box 2) from 1042-S in box 1a of 1099-DIV.
• entered the total withholding credit (box 10) from 1042-S into box 4 of 1099-DIV.

For 1042-S forms with income code 29, I

• entered the gross income (box 2) from 1042-S in box 1 of 1099-DIV and ignored rest of the boxes.

Details of my 1042-S forms:

• All of my 1042-S forms have a positive gross income in box 2.
• Both of my 1042-S forms with income code 06 have tax withheld (box 7a = box 10)
• Neither of my 1042-S forms with income code 29 have any tax withheld. Boxes 5--11 are all $0.

It would be very helpful if someone could confirm this is the right way to enter the 1042-S forms. Thank you!

[pk]

@Propeller2127 , you need to contact your financial institutions ( those that sent you the 1042-S) and update them on your being no longer  NRA but a resident ( for tax purposes ?).

If you look at the 1042-S form at IRS -- >  2025 Form 1042-S    you will see the income codes and the explanatory codes  called out.

Per the above 

(a)  income code 6 ( in Box 1 of 1042-S) is dividend issued by US corps.. Thus these incomes need to be entered as  dividend income -- form 1099-Div . You can use dummy forms  to enter this data .Essentially this  lines up with your post.

(b)  income code 29 ( in Box 1 of 1042-S) is  deposit interest  ( probably from a financial institutions like a bank or monies held for investment at a broker ).  You need to enter these amounts as interest earned. The non-withholding probably means the amounts were of a minimal nature ( under $10 ? ).  This does not  line up with your post.  You do not have to use  dummy 1099-INT -- TurboTax allows you to enter interest income  with just name of issuer and the amount.

Is there more I can do for you ?

pk