Ask Experts Questions for FREE Help!
 

Free Answers in 3 Easy Steps

Register Now
3 Steps
 


Ask QuestionsprogressAnswer QuestionsprogressBuild ReputationprogressBecome an Expert
 
At Ask Me Help Desk you can ask questions in any topic and have them answered for free by our experts. To ask questions or participate in answering them you must register for a free account. By registering you will be able to:
  • Get free answers from experts in any of our 300+ topics.
  • Accept money for answers that you provide.
  • Communicate privately with other members (PM).
  • See fewer ads.
  Answer this Question    Ask about Taxes    Ask about another Subject  
 

maverikp
Mar 23, 2008, 08:26 PM
I have been on H1 for several years now. I got married in 2007 and my wife was on F1 before marriage. She is on H4 now.

My wife had received scholarship and hence she has 1042-S from the university. We are trying to file jointly. Since I am a resident for tax purposes, I have to file 1040.

My question is how should I report the information on 1042-S on 1040. 1042-S has:
1. Gross Income
2. Withholding allowances
3. Net income (Gross Income - Withholding allowances)
4. Federal tax withheld

I was thinking of reporting the income on line 21 of 1040, "Other Income" and include the "Federal Tax withheld" on line 64, along with tax withheld in W2.

Please suggest if this is correct. If it is right, what do I report on 21. Do I have to report "Gross Income" on 1042-S or "Net Income"?

Can someone please help me with this.

Thanks.

AtlantaTaxExpert
May 2, 2008, 12:33 PM
You include the gross income on Form 1042-S on Line #7, while putting the letters "SCH" on the dotted line to the left of the #7.

Add the withheld money to the figure on Line #64.

BTW, this will probably prevent you from filing electronically.