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UNIVERSITY OF WISCONSIN SERVICE CENTER EXPLANATION OF 1042-S Line 1 Income Code 2009 Foreign Person's U.S. Source Income Subject to Withholding Form Department of Treasury Internal Revenue Service

How to fill out explanation of 1042-s

How to fill out explanation of 1042-s:

1. Gather all necessary information and documents related to the 1042-s form, such as the recipient's name, address, tax identification number, and details of the income earned.
2. Review the instructions provided by the Internal Revenue Service (IRS) to understand the proper way to fill out the form. These instructions can be found on the IRS website or in the form's accompanying documentation.
3. Start by entering the recipient's personal information accurately and precisely in the designated fields. Double-check all information to ensure accuracy.
4. Fill in the appropriate boxes and sections related to income and withholding details. This may include details of specific types of income, such as scholarships, royalties, or dividends, as well as any applicable taxes withheld.
5. Provide a thorough and clear explanation of any complex or unique circumstances surrounding the income reported on the form. This explanation should offer sufficient details and relevant supporting documentation to aid the IRS in understanding the situation.
6. Review the completed form for any errors or omissions before submission. It is crucial to ensure all entered information is correct, legible, and supported by appropriate documentation.
7. Finally, sign and date the completed form. If filing electronically, follow the electronic signature process defined by the IRS.

Who needs explanation of 1042-s?

1. Individuals or entities receiving income subject to withholding under the Internal Revenue Code Section 1441.
2. Non-resident aliens earning income in the United States and subject to withholding under Code Section 1442.
3. Withholding agents responsible for reporting and withholding tax on payments made to non-resident aliens.
4. Those who are involved in international trade or have cross-border investments that generate income subject to withholding.
5. Individuals who received scholarships or grants that are subject to tax withholding.
6. Non-resident aliens who have repriced restricted stock units (RSUs) or other equity-based compensation while working in the United States.
7. Students, researchers, or scholars who participated in U.S. exchange programs, fellowship programs, or teaching positions.
8. Foreign employees who have earned wages or salary income in the United States.
9. Universities or academic institutions that made payments to non-resident alien students or employees.
10. Companies or individuals involved in international entertainment or sports activities, where income is subject to withholding.

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What is explanation of 1042-s?

Explanation of 1042-s is a form used to provide additional details or clarifications regarding the information reported on Form 1042-S, which is used to report income paid to foreign persons subject to U.S. withholding tax.

Who is required to file explanation of 1042-s?

Any person or entity that is required to file Form 1042-S and needs to provide additional information or explanations about the reported income must file an explanation of 1042-S.

How to fill out explanation of 1042-s?

To fill out the explanation of Form 1042-S, you need to provide the necessary details or clarifications for the specific information reported on the corresponding Form 1042-S. This may include additional information about the recipient, the nature of the income, or any other relevant details.

What is the purpose of explanation of 1042-s?

The purpose of the explanation of 1042-S is to ensure accurate reporting and provide additional information or clarifications as needed for the income reported on Form 1042-S. It helps the IRS and other relevant parties understand the context and details of the reported transactions.

What information must be reported on explanation of 1042-s?

The information reported on the explanation of 1042-S varies depending on the specific details or clarifications needed. However, it generally includes additional recipient information, details about the withheld income, and any other relevant explanations.