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Form 1042s form 1042s University of Wisconsin Service Center Human Resource System University of Wisconsin Service Center Human Resource System Rev 02/2016. Explanation of the Form 1042S Foreign Persons

How to fill out form 1042s form 1042s

How to fill out form 1042s:

1. Begin by entering the name and address of the recipient, as well as their tax identification number, in the appropriate spaces provided on the form.
2. Next, identify the type of income being reported on the form and enter the corresponding code in Box 1.
3. Provide details about the income in Box 2, including the gross amount and any withholding tax.
4. If applicable, indicate any exemptions or treaty provisions that may apply to the recipient's tax liability by entering the appropriate codes in Box 3.
5. In Box 4, report any income exempt under section 892 or 895 of the Internal Revenue Code.
6. If a tax identification number is not available for the recipient, you can indicate this in Box 5 along with a valid reason.
7. Document any tax withheld at source by the withholding agent in Box 6.
8. Provide any additional information or explanations in the designated space at the bottom of the form (Box 7).
9. Review the completed form for accuracy and make any necessary corrections or adjustments before submitting it to the appropriate tax authority.

Who needs form 1042s:

1. The form 1042s is typically required for reporting income paid to foreign persons, including non-resident aliens and foreign corporations.
2. U.S. withholding agents who make payments of income subject to withholding to foreign persons must file this form to report those payments.
3. This form is used to report various types of income, such as wages, scholarships, royalties, and gambling winnings, that are subject to withholding tax for non-U.S. persons.
4. Additionally, the form is required for reporting any tax withheld at source on these payments.

Please note that this information is provided as a general guideline, and it is important to consult the official instructions and regulations issued by the tax authorities for specific guidance and requirements regarding the completion of form 1042s.

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What is form 1042s?

Form 1042s is a tax form used to report income paid to foreign persons, including non-resident aliens, foreign partnerships, and foreign corporations.

Who is required to file form 1042s?

Any person, including individuals, corporations, partnerships, trusts, and estates, who makes payments of income subject to withholding to foreign persons is required to file form 1042s.

How to fill out form 1042s?

Form 1042s must be filled out with information regarding the recipient of the income, the type of income paid, the amount of income paid, and any tax withheld. The form must be completed accurately and submitted to the IRS.

What is the purpose of form 1042s?

The purpose of form 1042s is to report income paid to foreign persons and withhold any applicable taxes on that income.

What information must be reported on form 1042s?

Information that must be reported on form 1042s includes the recipient's name, address, taxpayer identification number, income code, income type, gross income amount, and any taxes withheld.