How to report 1042-S for Resident Alien

Forum|Forum|2 years ago
March 16, 2024
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I was on F-1 from August 2018 until October 2023. And I got an H1B approval notice in October 2023. I am considered as a resident alien for the 2023 tax year. I got my 1042-S from my stock brokerage company with income code 06, chapter indicator 3, exemption code 00(box 3a) and 15(box 4a). Turbotax doesn't have Form 1042-S. I saw a similar post on the Turbotax- https://ttlc.intuit.com/community/taxes/discussion/re-resident-alien-1042-s-report/01/3240281/highlight/false#M1191661

But I can't figure out where should I enter "Gross income" and "Federal tax withheld" amounts from 1042-S in Turbotax. There is only a field for "Income" but not for "Federal tax withheld".

Or is there any other way than the mentioned post?

Any guidance would be appreciated. Thank you.

TurboTax Deluxe Online

Best answer by pk12_2

@pk12_2There is no information in 16(a) Payer’s name and 16(b) Payer’s TIN of my 1042-S. But there are 12(a) Withholding agent’s EIN and 12(d) Withholding agent’s name. Are those correct equivalents for Payer's TIN and Payer's Name in 1099-DIV?

In that case there is NO intermediary agent --- the payor and the agent are the same. So use that , please.

Is there more I can do for you ?

If I have satisfied your query, please consider accepting the answer so that this thread closes.. However, if you need more help, then I am here to help .

pk12_2

Employee

@ajinkya_bankar , Since you entered US with F-1 visa in 2018 and assuming that this was your first /only entry within the prior three year period, you would have been on exempt status for five calendar years i.e. 12/31/22. Thus for the calendar you would have passed the SPT ( Substantial Presence Test) and be a resident for tax purposes. I suspect that you did not inform the broker that for 2023 you were an US person and they should have issued a 1099-DIV for the income. and taxes withheld.

Ideally you should ask the broker to correct this and issue you a 1099-DIV.

Else you can tell TurboTax that you have dividend income ( but no 1099-DIV) and essentially fill out the income as if you had received a 1099-DIV.

Please also consider downloading the 1042-S form ( it is 7 page doc --pdf ) and 1099-DIV form from www.ikrs.gov, search for 1042-S and 1099-DIV and familiarize yourself with the codes and notes on these forms. They both have income and federal tax withheld boxes.

Is there more I can do for you ?

ajinkya_bankarAuthor

@pk12_2Thanks for your quick response. Please help me to map 1042-S into 1099-DIV. The following screenshot from Turbotax shows "Federal tax withheld", which I have on 1042-S. But 1042-S has "Gross income" and I can't find out equivalent in 1099-DIV. Should I use "Box 1a - Total ordinary dividends" to enter "Gross income"?

What is an equivalent field for "Federal Identification Number (FEIN)" in 1042-S?