Received a 1042s for Dividends

Forum|Forum|4 years ago
March 11, 2022
9 replies
99 views

Hi guys!

I am a non resident on a student visa, and I received a 1042s which I cannot enter in TurboTax. On this blog I read that some people filed it under 1099, said that they did not receive a form. Another post said to file as an 1049NR. Since these posts were a little older I wanted to make sure I do it the correct way!

For tax purposes I am a resident, filed with turbotax the last 2 years. It also says: Income code 06, chapter 3 exemption code 00- 15%,

Chapter 4: Exemption code 15 - 00%

Thank you!

RobertB4444

Alumni - Intuit

@mhoe22 You can just enter it into TurboTax in the 1099-DIV section.

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mhoe22Author

Level 2

Thank you for the help! What would the steps to insert it be? On the 1042s I only have the fields of withholding and Income. Under the 1099 section there is 1a (ordinary) 1b (qualified) and 2a (total capital game distr.).

In my case I did not sell any stocks for capital gain, I simply received dividends (less than $50).

samanthachandra

Level 2

Hi! I am having the exact issue as you as I mixed up the way I set up my brokerage account. I received a 1042-S account instead of 1099-DIV and they said they cannot retroactively generate a 1099-DIV form for me for this year. Do you mind sharing how you ended up filing in 2022, and what happened?

Thanks, really appreciate it if you could help me out! 🙂

Linden

Level 2

I agree that entering the information on a 1099 form would probably work. The first part of your question says you are a nonresident, but later you say you are resident for tax purposes. I will assume your first statement really meant you are not a US citizen (which the tax code calls an alien). A Form 1042-S should be issued only to a "foreign person." A resident is not a foreign person. You probably should have submitted a Form W-9 to the payer of the dividend, so they could issue you a Form 1099-DIV rather than Form 1042-S. The Form W-9 would include your Social Security Number, if you have one, or your Individual Taxpayer Identification Number (ITIN).

mhoe22Author

Level 2

Hi, Thank you for the help! I did mix that up, I am a non citizen you are correct. The rule of the IRS says that if you lived in the USA for more than 5 years (and spent more than half the year there), you are taxed like a citizen.

I am in the process of figuring out how to receive a W9 so I will not run into these issues again next year, hopefully it will work out!

Linden

Level 2

Note that a Form W-9 is a form YOU submit to the dividend payer. You do not receive it. If you have a foreign address, the dividend payer is required to send Form 1042-S unless you provide the payer with a Form W-9. Form W-9 is available on the IRS website, at Form W-9 (Rev. October 2018) (irs.gov)

DaveF1006

Level 15

Based on what you have told me, this form does not need to be reported. According to this Turbo Tax post written by Daniel G:

Sometimes, this form is mailed out strictly for informational purposes and therefore does not need to be included on your return. This is often the case when Resident Aliens receive this form.
The significant items on the 1042-S form are Box 7 and Box 10. Box 7 is US Federal Tax Withheld and Box 10 is Withholding Credit. If both of those boxes are 0, then nothing was withheld and there is no withholding credit and the 1042-S form is just for your informational purposes.

Please refer to the IRS link for further information. https://www.irs.gov/pub/irs-pdf/i1042s.pdf

@mhoe22

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