Income treaty is out of scope for our service. You will need to consult a professional for clarification whether it is taxable or not. If this is taxable to you, you will treat Form 1042- S as receiving a scholarship or fellowship to offset your qualified education expenses if there are any. If you are not a student, you will enter the amount under Other Income. As IRS receives a copy of your Form 1042-S, you can still e-file your tax return. You do not need to submit your Form 1042-S separately.
In TurboTax Online,
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In TurboTax online,
- Sign into your account, select Pick up where you left off
- To the right upper corner, in the search box, type in "other reportable income" and Enter
- Select Jump to other reportable income
- Next screen, Other Wages Received, select No to continue
- Next screen, scroll down all the way to the bottom, under Other reportable income, select Start
- Next screen, Any Other Taxable Income? select Yes to continue
If you have paid in any tax withholdings, enter info so you will not be taxed twice. Here are the steps:
- At the right upper corner, in the search box, type in estimates paid and Enter
- Select Jump to estimates paid
- On the screen, Estimates and Other Income Taxes Paid, select the right section to enter information
The income will show on line 8 of Schedule 1 and Form 1040.
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