Get the free Form 1042-S

2009 TAX YEAR PLEASE RETAIN FOR YOUR RECORDS Copy B for Recipient JOE FOREIGN SHAREHOLDER 123 MAIN ST FRANKFURT GERMANY Department of the Treasury Internal Revenue Service Form 1042-S AMENDED 1 Income code OMB No. 1545-0096 Foreign Person s U.S. Source Income Subject to Withholding 2 Gross income 1 167. 69 4 Net income PRO-RATA BASIS REPORTING 3 171. 36 10 Amount repaid to recipient 11 Withholding agent s EIN 94-3384566 EIN QI-EIN 15. 00 6 Exemp...

How to fill out form 1042-s

How to fill out Form 1042-S

1. Download Form 1042-S from the IRS website.
2. Enter the name of the recipient in the appropriate field.
3. Provide the recipient's identifying information, including their U.S. taxpayer identification number (if applicable).
4. Fill out the income type section, specifying the type of income paid to the recipient.
5. Indicate the amount of income paid in the correct currency.
6. Complete the withholding information section by noting any taxes withheld.
7. Fill out the payor’s information, including name and TIN.
8. Review the completed form for accuracy.
9. Submit the form to the IRS and provide a copy to the recipient by the required deadlines.

Who needs Form 1042-S?

1. Foreign persons who receive income from U.S. sources.
2. Non-resident aliens and foreign corporations that have U.S. income subject to withholding.
3. Entities that make certain payments, including scholarships, grants, or royalties to foreign individuals.

People Also Ask about

Where can I get a 1042S form?

Download your 1099 or 1042S tax form in your Social Security account. If you live outside the United States and can't access your form online, contact a Federal Benefits Unit for help.

Do I need to report 1042S in my tax return?

If you are a non-resident alien and received a Form 1042-S, you generally need to report the income on your U.S. tax return. However, if the income is exempt from U.S. tax under a tax treaty, you may not need to report it.

Who provides the 1042-S form?

Form 1042-S, 2016. Every withholding agent or intermediary, whether US or foreign, who has control, receipt, custody, disposal or payment of any fixed or determinable, annual or periodic US source income over foreign persons, must file these forms with the IRS.

What is the 1042-S form used for?

Every withholding agent must file an information return, Form 1042-S, Foreign Person's U.S. Source Income Subject to Withholding, to report amounts paid to foreign persons that are described under Amounts Subject to NRA Withholding and Reporting, even if withholding is not required on the payments.

When should I receive my 1042-S?

When due. The Forms 1042, 1042-S and 1042-T must be filed by March 15 of the year following the calendar year in which the income subject to reporting was paid. If March 15 falls on a Saturday, Sunday, or legal holiday, the due date is the next business day.

Who needs to file Form 1042-S?

Every withholding agent must file an information return, Form 1042-S, Foreign Person's U.S. Source Income Subject to Withholding, to report amounts paid to foreign persons that are described under Amounts Subject to NRA Withholding and Reporting, even if withholding is not required on the payments.

Can you file 1042-s electronically?

Electronic Reporting Forms 1042-S must be filed electronically if: You are a person (including a corporation, partnership, individual, trust, or estate) that is required to file 10 or more information returns during the year or you are a partnership with more than 100 partners, or.

Can I ignore 1042-S?

If you intentionally disregard the requirement to report correct information, the penalty per Form 1042-S is increased to $630 (for filing year 2024) or, if greater, 10% of the total amount of items required to be reported, with no maximum penalty.

What is a 1042-S for a US citizen?

The 1042-S is a tax form used to report various types of income paid to nonresidents in the US. This form is issued by US payers, which can include universities, employers, and financial institutions, in order to report income that is subject to taxation.

For pdfFiller’s FAQs

What is Form 1042-S?

Form 1042-S is an Internal Revenue Service (IRS) form used to report income subject to withholding that is paid to non-resident aliens and foreign entities.

Who is required to file Form 1042-S?

Withholding agents, including U.S. payers and foreign entities that have withholding responsibilities, are required to file Form 1042-S if they make payments to non-resident aliens or foreign entities.

How to fill out Form 1042-S?

To fill out Form 1042-S, you need to provide information on the recipient, the type of income, the amount paid, the amount withheld, and any applicable exemption codes, along with the withholder's information.

What is the purpose of Form 1042-S?

The purpose of Form 1042-S is to report income paid to non-resident aliens and foreign entities, along with any withholding amounts, to ensure compliance with U.S. tax laws.

What information must be reported on Form 1042-S?

Form 1042-S must report the recipient's name, address, country of residence, the type and amount of income paid, amounts withheld, and any codes relevant to the income type or treaty exemptions.