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the code-20 amount section is not allowing me to file my taxes

it states that this section needs to be blank, yet it is blank
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1 Reply
DawnC
Employee Tax Expert

the code-20 amount section is not allowing me to file my taxes

What tax form or section are you trying to enter and what version of TurboTax are you using?    To enter a 1042-S with Code 20 income (Compensation during study and training) into TurboTax, follow the steps below.   You will enter it and then negate it.  

 

  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 and record this as 1042-S income and enter the amount.

Now to exclude it:

 

  1. Repeat steps 1-7.
  2. Record this as a Treaty Exemption
  3. Now enter the amount with a negative sign (-) in front of the amount.

 

You have now reported and exempted your 1042-S income with Code 20.  

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