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June 7, 2019
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Apart from W-2, I received 1042-S, income code 06. What am I supposed to do with this form?

  • June 7, 2019
  • 2 replies
  • 0 views
Should I include this somewhere on my 1040 form?
Best answer by Belling

Form 1042-S is used to report amounts paid to foreign persons that are subject to income tax withholding, even if no amount is deducted and withheld from the payment because of a treaty or exception to taxation, or if any amount withheld was repaid to the payee. It is also used to report amounts withheld under Chapter 3 of the Internal Revenue Code.

Sometimes, this form is mailed out strictly for informational purposes and therefore does not need to be included on your return. This is often the case when Resident Aliens receive this form. 

The significant items  on the 1042-S form are Box 7 and Box 10. Box 7 is US Federal Tax Withheld and Box 10 is Withholding Credit.

If both of those boxes are 0, then nothing was withheld and there is no withholding credit and the 1042-S form is just for your informational purposes. 
  • Income Code 06 on Form 1042-S is used to report Dividends paid by U.S. corporations – general.
  • Complete instructions for filing your income reported to you on Form 1042-S for tax year 2015, as well as descriptions of all other income codes reported on this form, can be found at the following IRS site: https://www.irs.gov/pub/irs-pdf/i1042s.pdf
  • TurboTax does not directly support the filing of Form 1042-S, but since yours is reporting U.S. corporate-paid dividends, you can report these amounts in TurboTax under Investment Income. You will enter your information in TurboTax under dividend income reported on Form 1099-DIV.

2 replies

BellingAnswer
Employee
June 7, 2019

Form 1042-S is used to report amounts paid to foreign persons that are subject to income tax withholding, even if no amount is deducted and withheld from the payment because of a treaty or exception to taxation, or if any amount withheld was repaid to the payee. It is also used to report amounts withheld under Chapter 3 of the Internal Revenue Code.

Sometimes, this form is mailed out strictly for informational purposes and therefore does not need to be included on your return. This is often the case when Resident Aliens receive this form. 

The significant items  on the 1042-S form are Box 7 and Box 10. Box 7 is US Federal Tax Withheld and Box 10 is Withholding Credit.

If both of those boxes are 0, then nothing was withheld and there is no withholding credit and the 1042-S form is just for your informational purposes. 
  • Income Code 06 on Form 1042-S is used to report Dividends paid by U.S. corporations – general.
  • Complete instructions for filing your income reported to you on Form 1042-S for tax year 2015, as well as descriptions of all other income codes reported on this form, can be found at the following IRS site: https://www.irs.gov/pub/irs-pdf/i1042s.pdf
  • TurboTax does not directly support the filing of Form 1042-S, but since yours is reporting U.S. corporate-paid dividends, you can report these amounts in TurboTax under Investment Income. You will enter your information in TurboTax under dividend income reported on Form 1099-DIV.
atouris31Author
June 7, 2019
Thank you so much for your answer. I have not received form 1099-DIV. My net income on form 1042-S is reported 0.00. Thus am I supposed to report anything?
April 17, 2021

Hello all, 

 

Similar question. I received a 1042-S when I should have received a 1099-Div. IRA rollover took too long to transfer from one company to another, generating a taxed dividend and they sent a 1042-S. It was the transfer company's mistake but they are unwilling to send revised tax form. I'm a US Citizen, living in US. Below are the 1042-S box contents. Please advise how those boxes map into TurboTax boxes. Hoping folks can provide specifics.

 

Box 1=06

Box 2=151

Box 3=4

Box 3a=12

Box 4b=30

Box 7a=45

Box 10=45

Box 12a=xxx

Box 12c=01

Box 13b= OC

Box 13e=xxx

Box 13f= 10

Box 13g=37