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April 5, 2025
Question

I am a US resident tax filer but I received form 1042-S for 'deposit interest' from a US based bank. Where should I show this income on my tax return?

  • April 5, 2025
  • 1 reply
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It is interest income on my deposit for which I was given form 1042-S instead of 1099-INT, may be due being non-US citizen. But I am a legal resident in the US as far as taxes are concerned.

1 reply

April 10, 2025

Report the interest reported on an IRS form 1042-S as interest income as if you received an IRS form 1099-INT.

 

In TurboTax Online, follow these steps:

 

  • Down the left side of the screen, click on Federal.
  • Down the left side of the screen , click on Wages & Income.
  • Click on the down arrow to the right of Investments and Savings.
  • Click to the right of Interest on 1099-INT.
  • At the screen Let's finish pulling in your investments, select Add investments.
  • At the screen Let's import your tax info, click Enter a different way.
  • At the screen OK, let's start with one investment type, select Interest.  Click Continue.
  • At the screen How would you like to upload your 1099-INT, select Type it in myself.
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