Ask Experts Questions for FREE Help !
Ask
    rek_col's Avatar
    rek_col Posts: 8, Reputation: 1
    New Member
     
    #1

    Apr 7, 2009, 01:10 AM
    State taxes on 1042-S
    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 ?
    rek_col's Avatar
    rek_col Posts: 8, Reputation: 1
    New Member
     
    #2

    Apr 7, 2009, 11:18 AM

    Hi,

    I thought I was not clear enough in the earlier post. Hence posting again

    My question is regarding filing for state taxes (Maryland) 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 + amount on 1042-S)
    OR
    For state tax purposes only, is the amount on 1042-S not taxable ?

    Your help is most appreciated.
    MukatA's Avatar
    MukatA Posts: 7,110, Reputation: 176
    Tax Expert
     
    #3

    Apr 7, 2009, 12:51 PM

    Yes include W2 plus only the taxable portion of 1042-S.

Not your question? Ask your question View similar questions

 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Out of State College student confused on state taxes [ 1 Answers ]

Hello, I am from Buffalo, NY but am currently going to college full time in PA. In 2008 I was employed at home and then when I went to college I got a job in PA. I have 3 w-2's (one from NY and 2 from PA). This is the first time I have ever filed state taxes and am not sure what to do. I...

Joint State taxes when I live in 1 state and wife lives in another [ 3 Answers ]

Presently I am living and working in NM. My wife and children are living in MA. My wife does not work. In order to get MA health Insurance I had to set my permanent address in MA for my company. I am now paying state taxes to both states. Should I be paying taxes in the state that I am not living...

State Taxes withheld for wrong state on 1099-R [ 2 Answers ]

I was temporarily in another state, for 2 weeks, and closed a retirement account and received a 1099-R and they withheld the wrong state taxes. All of my employment is in MN and the taxes were withheld in VA. What do I do?

State taxes on out-of-state short-term contract [ 1 Answers ]

Hi, Here's my situation. Facts: I am a consultant for company X (W-2 arrangement),which is based in New Jersey, where I was hired for a 6-month contract in New Jersey to perform work for one of their clients--company Z. I am a current resident of Arizona where I have a house and I plan...


View more questions Search