Question

1042S instead of 1099B

Forum|Forum|4 years ago
April 1, 2022
1 reply
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I submitted a W8 when opening my brokerage account since I was a student and did not pass the substantial presence test. Half way through the year, I passed the test, which retroactively makes me tax-liable since the year started (roughly). I updated my W9 somewhat late though, and my broker refuses to send an updated 1099 with the information for the first half of the year. I got a 1042S instead just with my dividends.

How should I submit this information? Can I still e-file?

DaveF1006

To clarify, are all your dividends ordinary dividends or are some qualified? You may ask your broker this and if some are qualified, we will help you correctly report this.

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L

LucaXAuthor

Thanks so much @DaveF1006! Figuring this out has been really stressful. The dividends are all ordinary. Also, apart from that, may I ask you how to report capital gains for stocks? I have the entire reports of stocks sold, and no wash sales.

DaveF1006

Yes, report your stock sales in the follow manner.

Go to federal>wages and income>investment income>stocks, bonds, other
Now you will answer some preliminary questions. Say yes or no if you received a 1099B.
Next screen is critical because it asks you for the sale price, description, what you originally paid for it, date sold, date acquired etc.
Finish out the section

@LucaX

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