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June 6, 2019
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Hey, I have received a form 1042-S from my bank listing an interest amount for my saving account, should I submit this form in my tax return, if so where should I do?

  • June 6, 2019
  • 3 replies
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Best answer by bine22

On F1 you are a nonresident alien for the first 5 calendar years. AS a nonresident alien you would file form 1040NR or 1040NR-EZ plus form 8843 plus a state return, if applicable. Turbotax does not support these forms.

Have a look at publication 519 https://www.irs.gov/forms-pubs/about-publication-519

As a nonresident alien student, interest from savings is not taxable to you https://www.irs.gov/individuals/international-taxpayers/aliens-which-income-to-report

The exemption code on the 1042s should reflect that.

3 replies

Employee
June 6, 2019
what is your visa and since when are you in the US?
bine22Answer
Employee
June 6, 2019

On F1 you are a nonresident alien for the first 5 calendar years. AS a nonresident alien you would file form 1040NR or 1040NR-EZ plus form 8843 plus a state return, if applicable. Turbotax does not support these forms.

Have a look at publication 519 https://www.irs.gov/forms-pubs/about-publication-519

As a nonresident alien student, interest from savings is not taxable to you https://www.irs.gov/individuals/international-taxpayers/aliens-which-income-to-report

The exemption code on the 1042s should reflect that.

ah-jimmyAuthor
June 6, 2019
So I should not file 1099-INT? this is the form that I have received from my bank 1042-S and it contains only $13!
Employee
June 6, 2019

Please refer to answer by Bine22.

[edited 2/16/2018 - 2:40PM PST]


ah-jimmyAuthor
June 6, 2019
Thank you!, I have a quick question, I paid for my MASTER'S degree tuition in 2017. I have contacted my university to send me 1098-T but they advised me that it will show nothing as they only show the charges not the payment (Box 1 is empty, Box 2 is zero) however I paid $6,000. will that be enough to enter it as "What if this is not what (student name) paid to the school?" in TurboTax online form?