Deposit interest (1042-S), Form 1040 using XXV(i)

[fmincon]

I just received this a few days ago from my bank, a form 1042-S Foreign Person's U.S. Source Income Subject to Withholding. I'm a Canadian citizen working in the States in H-1B status. My H-1B became active on Oct 1, 2012, and before that I was in F-1 status.

The form shows:
Income Code: 29
Gross Income: $15
Withholding Allowances: 0
Net Income: 0
Exemption Code: 02

Since my tax burden is significantly less filing with form 1040 using XXV(i), what do I do with my 1042-S? Can I simply ignore this, given the measly amount?

[nelsona]

Of course not. You report the income, along with all world income. Rememebr however that you must still report your worldwise income to Canada too, so saving taxes by using 1040 may not help you.

Be sure to tell your bank thant you are now US tax resident, by giving them a W-9.