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sourav164
Returning Member

Received 1042-S instead of 1099

I became a US tax resident last year (I came to the US in 2017). I was doing some stock trade last year in Robinhood. I did not know that I had to update my tax status when I became a tax resident. Recently, I received a 1042-s (income code 6) with an income of one US dollar. I would have received a 1099 if I had changed the tax status on the trading app on time. What should I do in this situation?

 

Thanks 

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1 Reply
PattiF
Expert Alumni

Received 1042-S instead of 1099

You can enter the income reported on Form 1042-S as other income without using the form.

 

To enter Other Income, please follow the steps below:

  1. Open your return.
  2. Click on Federal Taxes.
  3. Go to Wages & Income
  4. Scroll to the bottom under Less Common Income select Start (or Update) for Miscellaneous Income.
  5. Choose the appropriate category and enter your Other Income

You should contact Robinhood if you still have an account there to notify them of your change in status.

 

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