My tax residency changed to RA in 2023. I still received 1042S forms with income code 20. Does the free version support these 1042S forms? If it supports, how could I add 1042S forms to my tax returns? Thank you very much.
@DaveF1006 Appreciate your advice. Yes, the amount of my 1042S is just $5000. I tried the procedure but met a problem. Because the amount of my 1042S is not included in my W2, if I put a negative value (-$5000) in the other income (1040, Line 15, and Schedule 1, Line 8z), the total taxable income (1040, Line 15) will be wrong (smaller than the real one).
I find some answers say that a positve $5000 can be added to "Other Reportable Income" and subsequently a negative -$5000 can be added to "Other Reportable Income". In these methods, the total taxable income (1040, Line 15) will be correct. However, the final values of other income (1040, Line 15) probably will be $0 becasue there is only one line for that, which cannot reflect either the 1042S income or the tax treaty in1040 finally.
Thus, my question is whether Schedule 1, Line 8z will list these two other incomes separately and gives $0 as the amount if I put both "-$5000" and "$5000" into the "Other Reportable Income"? Are these methods correct? If not, are there other ways to report this weird situation?
Thank you!
Yes, you can report the $5000 as taxable income and then negate it.
Now to exclude it:
You have now reported to 1042 S and exempted it in accordance with the US China Treaty Exemption.
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