Received 1042-S instead of 1099

Forum|Forum|2 years ago
April 9, 2024
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Hi,

I am an international student on F1 status and pass the substantial presence test for tax year 2023. However, my brokerage account (Robinhood) has sent me a 1042-S instead of 1099s. Now, how should I go about reporting both my dividends as well as my Capital Gains (have made some stock sales). Just an FYI the 1042-S is of income code 6 and has non-zero numbers in boxes 2 and 7a.

Thanks!

JamesG1

If you are filing an IRS form 1040 in TurboTax Online, report the dividend income as follows:

Down the left side of the screen, click Federal.
Down the left side of the screen, click Wages & Income.
Scroll down to Investments and Savings and click on the dropdown menu.
Click Start/Revisit to the right of Dividends on 1099-DIV.

If you are filing an IRS form 1040 in TurboTax Online, report the gain from the sale of a capital asset as follows:

Down the left side of the screen, click on Federal.
Down the left side of the screen, click on Wages & Income.
Scroll down to Investments and Savings and click the down arrow to the right.
Click Start / Revisit to the right of Stocks, Cryptocurrency, Mutual Funds, Bonds, Other.
Click Add investments.
At the screen Let's import your tax info, click Enter a different way.
Click on Stock, Bonds, Mutual funds. Click Continue.
At the screen Which bank or brokerage is on your 1099-B, enter the information. Click Continue.
Do these sales include any employee stock, click No.
Do you have more than three sales on your 1099-B, click No.
Do these sales include any other types of investments, click No.
Did you buy every investment listed on your 1099-B, click Yes. Click Continue.
At the screen Now, choose how to enter your sales, select One by one. Click Continue.
At the screen Look for your sales on your 1099-B, click Continue.
At the screen Now enter one sales total on this 1099-B, enter information. Click Continue.
Repeat as necessary by clicking Add another sales total. Click Continue.

If you are filing an IRS form 1040 In TurboTax Online, report Federal income tax withheld as follows:

Down the left side of the screen, click on Deductions & Credits
Scroll down to Estimates and Other Taxes Paid. Click the down arrow to the right.
Click Start/Revisit to the right of Income Taxes Paid.
Click Start/Revisit to the right of Other Income Taxes Paid in 2023.
Click Start/Revisit to the right of Withholding not already entered on a W-2 or 1099.
At the screen Do you have any tax withholding you haven't entered yet, select Yes.