Resident Alien received 1042-s

[Bryan43]

Hello,

I have been in the States for 10 years. Last year I worked as a grader at my university. They asked me to sign the tax treaty agreement beforehand. I received 1042s and code is 16 with "0" tax rate in box 3 and 4; no withholdings. I always file 1040 as a resident alien. How am I suppose to report this on my tax return or can I just ignore it since this information return was already reported to the IRS and amount is less than $5,000 with no withholding? If I have to report this on my tax return, how do I report using TurboTax? 

Thank you,

Bryan

[DaveF1006]

To clarify, did you say tis income is already reported in your return?

[Bryan43]

No, I haven’t filed my taxes yet. I meant the university may have already reported this 1042s to IRS. 

[RobertB4444]

You will still need to report this income.  In this case it just means that the university didn't withhold any taxes from the $5000 that they paid you.  It does not mean that it is not taxable.

[MikeSuri]

My wife (a green card holder) has a similar situation where she received a 1042-s for her brokerage account, it's only for ~$25 (seems to be a dividend payment, but we'll verify). I believe this was a Fidelity's mistake, it should've been reported as an income of a resident...

How should we report this? There is no option to report 1042-s, when you are filing as a resident.

@RobertB4444 

[LoganathanB]

You can inform Fidelity about the resident status of your wife and ask them to issue a 1099-B.

Otherwise, you can report the dividend income in Schedule B.

[MikeSuri]

@LoganathanB 

We called fidelity and they said because the account was international initially, and then the funds were transferred to a domestic brokerage account in the middle of the year, the system issued 1042-s, and they can't issue a 1099 for it. The 1042-s is only $27 and the federal tax was paid already.

How should I (do we even need to) report it in the turbotax app (I'm using a desktop version), 1099-div?

It says that I will be able to report the dividends even if I haven't received the 1099-div, but the option to do it doesn't come up...

[DaveF1006]

Report this in the following manner.

1. Open your return in TurboTax 
2. Click on Wages & Income 
3. Scroll down to All Income 
4. Scroll down to Less Common Income 
5. Scroll down to Miscellaneous Income, 1099-A, 1099-C 
6. Click start 
7. Scroll down to Other reportable income 
8. Answer yes 
9. Enter description and amount 
10. Enter this as 1042-S  and $27 as the amount.

@MikeSuri

[chihwei]

What's the reason to make it as a miscellaneous income instead of 1099-DIV?

[CatinaT1]

You are commenting on an old post. Assuming your question relates to reporting a 1042-S as miscellaneous income rather than a 1099-Div.

You would not want to report it as a 1099-DIV unless it was received on a 1099-DIV form. The IRS receives copies of these forms, and they will expect to see a 1042-S reported. If it wasn't reported as miscellaneous income with a description, they would see it as unreported.