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1042-S Foreign Person s U.S. Source Income Subject to Withholding Information Department of the Treasury Internal Revenue Service 1 Income 2 Gross income code about Form 1042-S and its separate instructions

How to fill out 1042-s 2016

How to fill out 1042-S 2016:

1. Gather all necessary information: Before filling out the 1042-S form for 2016, make sure you have all the required information. This includes the recipient's name, address, taxpayer identification number (TIN), income code, and total income subject to withholding.
2. Enter recipient information: Start by providing the recipient's name, address, and TIN, ensuring that the information is accurate and matches their official records. Double-check for any errors before moving on.
3. Determine income code: Each type of income subject to tax withholding has a specific income code. Choose the appropriate income code that corresponds to the type of income being reported on the 1042-S form. This could include compensation, scholarship, fellowship, or royalty income, among others.
4. Report income subject to withholding: Enter the total amount of income subject to withholding in the appropriate boxes on the form. Make sure to include the correct currency code if the income is in a foreign currency.
5. Fill out tax withheld: Report the total amount of tax withheld from the recipient's income in the designated boxes. This amount should reflect any federal income tax withheld during the year.
6. Complete recipient's claim for refund or exemption: If the recipient is eligible for a refund or exemption from withholding, complete the appropriate parts of the form. This may require providing additional information and supporting documentation.
7. Sign and date the form: Once all the required sections are filled out accurately, sign and date the form before submitting it. If filing electronically, follow the instructions provided by the tax authority on how to submit the signed form.

Who needs 1042-S 2016:

1. Non-U.S. persons receiving U.S.-sourced income: The primary recipients of the 1042-S form are non-U.S. persons who have received income from U.S. sources that are subject to withholding. This could include individuals, foreign corporations, partnerships, or other entities.
2. Students or researchers with scholarships or fellowships: If a non-U.S. student or researcher has received a scholarship or fellowship from a U.S. institution or organization, they may need to report this income using the 1042-S form.
3. Foreign investors with income from U.S. investments: Non-U.S. investors who have received income from U.S. investments, such as dividends or interest payments, may need to report this income on the 1042-S form.
4. Foreign employees with income from U.S. employment: Non-U.S. employees who have earned income from employment in the United States may be required to report this income using the 1042-S form.
5. Individuals subject to U.S. withholding tax: Any individual who has had U.S. withholding tax deducted from their income, regardless of their country of residence, may need to file a 1042-S form to report the withheld tax and potentially claim a refund or exemption.

It is important to consult with a tax professional or refer to the official instructions provided by the tax authority to ensure accurate completion of the 1042-S form for 2016.

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What is 1042-s?

1042-S is a tax form used to report income paid to foreign individuals including non-resident aliens, foreign partnerships, foreign corporations and foreign estates and trusts.

Who is required to file 1042-s?

Any person, including a withholding agent, who pays an amount subject to withholding under Chapter 3 of the Internal Revenue Code to a foreign person must file Form 1042-S.

How to fill out 1042-s?

Form 1042-S must be filled out with the detailed information about the recipient of the income, the type of income paid, the amount of income paid, any taxes withheld, and other relevant details.

What is the purpose of 1042-s?

The purpose of Form 1042-S is to report income paid to foreign persons and to report any taxes withheld on that income.

What information must be reported on 1042-s?

The information reported on Form 1042-S includes the name, address and country of residence of the recipient, the type of income paid, the amount of income paid, any taxes withheld and other details.