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March 17, 2023
Question

1042-S

  • March 17, 2023
  • 1 reply
  • 0 views

I received a 1042-S from an investment. The form reports an income and Fed. tax withheld.  How do I report in Turbo Tax?  Thank you.

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1 reply

JohnB5677
March 19, 2023

You can report the 1042-S as other reportable income.

 

  1. Open your return in TurboTax 
  2. Click on Wages & Income 
  3. Scroll down to All Income 
  4. Scroll down to Less Common Income 
  5. Scroll down to Miscellaneous Income, 1099-A, 1099-C 
  6. Click start 
  7. Scroll down to Other reportable income 
  8. Answer yes 
  9. Enter description and amount 

  

To report the US tax paid:

  1. With your return open
  2. Click on Deductions & Credits
  3. Scroll down to Estimates and Other Taxes Paid\
  4. Click on Other Income Taxes
  5. Scroll down Other Income Taxes
  6. Click on Withholding not already entered on a W-2 or 1099

 

About Form 1042-S, Foreign Person's U.S. Source Income Subject to Withholding  

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