rek_col
Apr 7, 2009, 01:10 AM
You guys were of great help last year to clear my confusion on 1042-S. I hope that is the case this year as well.
I have understood on how to handle the scholarship amount on 1042-S on the federal 1040 form. Basically if you are a degree candidate and any amount that you earn in excess of the tuition that we paid is taxable.
This excess amount has to be included in line 7 of the 1040 form with the mention of SCH...
My question is regarding state taxes for the amount earned on 1042-S
1) There was no state tax deducted on form 1042-S. I am deducted 14% federal tax on the amount that I earned.
2) So when I file my state tax do I have to include my total income as ( amount on W2 + excess amount on 1042-S)
3) For state tax purposes only, is the amount on 1042-S not taxable ?
I have understood on how to handle the scholarship amount on 1042-S on the federal 1040 form. Basically if you are a degree candidate and any amount that you earn in excess of the tuition that we paid is taxable.
This excess amount has to be included in line 7 of the 1040 form with the mention of SCH...
My question is regarding state taxes for the amount earned on 1042-S
1) There was no state tax deducted on form 1042-S. I am deducted 14% federal tax on the amount that I earned.
2) So when I file my state tax do I have to include my total income as ( amount on W2 + excess amount on 1042-S)
3) For state tax purposes only, is the amount on 1042-S not taxable ?