I had already filed my 2024 tax return but I recently received form 1042S from Bank of America. I am not sure if I am required to file it and if yes, how should I do it?

Forum|Forum|1 year ago
April 4, 2025
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I am currently on an F1 visa on STEM OPT and am a resident alien in the US for tax purposes.

TurboTax Deluxe Online

pk12_2

Employee

@18romil94 which country are you from ? When did you enter the US with F-1 ? Are you saying that you have completed your exempt period ?

If you are a Resident for Tax purposes, and have filed form 1040 correctly, been accepted for processing, you will have to amend your return ( wait till your original has been processed and refund issued ) and include the interest income from 1042-S. You also need to visit your bank and correct their records to reflect that you are no longer an NRA.

Please answer my Qs and I will circle back.

18romil94Author

Thanks. I am from India and had entered the US on an F1 visa in 2017. My exempt period completed in 2022. I have filed my form 1040 and on TurboTax, it shows that my return is accepted and refund will be issued in about 10 days. Can you please let me know how I can amend my return electronically using TurboTax once the refund is issued, and should this be done before the April 17 tax deadline?

pk12_2

Employee

@18romil94 ,

(a) Ideally you should file an amended return ONLY when the original return has been processed -- generally when WMR shows refund issued.

(b) For the actual amended return prep. you tell TurboTax that you want to amend a return;

1. Generally you should save the original filed/accepted/processed return with a suffix or other ways such as "2024 Return are original filed " or similar .

2. Make the changes on the return ( the amended one ) --

(i) in your case take the following details from 1042-S --- Box 1 code tells you the type of income -- for your case I suspect it is code 29 implying deposit interest. So you are essentially creating 1099-INT. Here, Box 12a gives you the EIN of the entity acting as withholding agent, Ditto for the name and other details.

(ii) Box 2 gives you the Gross income -- enter this as Interest earned on your 1099-INT equivalent

(iii) Box 7a gives you the federal taxes withheld ( by the agent and transmitted to the IRS )

This should result in TurboTax creating a updated return + a summary sheet -- 1040-X showing the final situation.

You then file this amended return -- e-file is available now a days.

Note that 1042-S generally only withholds the federal taxes and not the State. So you also have to amend the State and probably pay taxes for this income.

Is there more I can do for you ?