Should I report form 1042-S (income code 29) as an interest income like 1099-INT?

Forum|Forum|6 years ago
June 6, 2019
2 replies
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I am a resident alien on F1 visa. However, I still received 1042s with income code 29, exemption code 02, and tax rate 0%. Is the interest income taxable? Should I report it as an interest income like 1099-INT?

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Best answer by DS30

Yes you can enter it as if you received a 1099-INT if you are considered a resident alien (and yes the interest would be taxable.)

Please note - If you are on a F-1 visa, you will be exempt from the Substantial Presence Test for the first 2 (if non-student) or 5 (if student) calendar years that you are in the US. This means that you are considered a non-resident aliens for US tax purposes.

See this link for more information from the IRS on US Tax Guide for Aliens

DS30Answer

Employee

Yes you can enter it as if you received a 1099-INT if you are considered a resident alien (and yes the interest would be taxable.)

See this link for more information from the IRS on US Tax Guide for Aliens

chouhjAuthor

Thank you for the answer! I was on a F1 visa since 2011, so I was considered a resident alien starting in 2016.

DaveF1006

No. you would not report this income if there is a Exemption Code 2 in either Box 3A or 4A. If there are no exemption codes, you report this income like a 1099 INT.

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