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1042-S - Where to report?


Catherine

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New clients; resident aliens.

Among other items, I have here a 1042-S with income code 29 (Deposit interest, from a mortgage escrow). Where do I report this? Do I just add it as a line item to Schedule B? Haven't come across one of these before. The rest of the return is pretty straightforward. I think. ;)

TIA,

Catherine

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I think it's just interest. Might have withholding. Usually they get a 1042-S if they have a foreign address. They need to notify the mortgage company of their US address -- which might be the same as the house they're financing and known to the company, but the computer didn't figure that out.

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