Phone no. Cat. No. 11384V Form 1042 2015 Page 2 a b c d e 70a Total tax reported as withheld or paid by withholding agent on all Forms 1042-S and 1000 Tax withheld by withholding agent. Annual Withholding Tax Return for U*S* Source Income of Foreign Persons Form Department of the Treasury Internal Revenue Service. Ch* 3 Status Code City or town state or province country and ZIP or foreign postal code If you do not expect to file this return in the future check here For IRS Use Only CC RD CAF CR...EDC Number street and room or suite no. if a P. O. box see instructions Period ending Employer identification number Name of withholding agent Line No* Information about Form 1042 and its separate instructions is at www*irs*gov/form1042. If this is an amended return check here. Section 1 OMB No* 1545-0096 Enter date final income paid FD FF FP I SIC Record of Federal Tax Liability Do not show federal tax deposits here Tax liability for period including any taxes assumed Line on Form s 1000 Jan*...May Sept. Jan* total 25 May total 45 Sept. total Feb. June Oct. Feb. total 30 June total 50 Oct. total Mar* July Mar* total 55 Nov* total 35 July total Apr* Aug. Dec* Apr* total 60 Dec* total 40 Aug. total No* of Forms 1042-S filed a On paper b Electronically Total gross amounts reported on all Forms 1042-S and 1000 a Total U*S* source FDAP income other than U*S* source substitute payments reported. 62a 62c d Enter gross amounts actually paid if different from gross amounts reported. 62d Do you...want to allow another person to discuss this return with the IRS see instructions Yes. Complete the following. Third Party Designee Paid Preparer Use Only Phone Personal identification name no. number PIN Under penalties of perjury I declare that I have examined this return including accompanying schedules and statements and to the best of my knowledge and belief it is true correct and complete. Declaration of preparer other than withholding agent is based on all information of which preparer...has any knowledge. Your signature Date Sign Here No Daytime phone number Print/Type preparer s name Firm s name Capacity in which acting Preparer s signature Check if self-employed PTIN Firm s EIN Firm s address For Privacy Act and Paperwork Reduction Act Notice see instructions. 1 For payments other than substitute dividends. 2 For substitute dividends. Reimbursements. Tax paid by withholding agent. Total net tax liability Adjustments of underwithheld tax on corporate distributions made...during the calendar year Excise tax on specified federal procurement payments Total payments made x 2. Total paid by electronic funds transfer or with a request for extension of time to file. Enter overpayment applied as credit from 2014 Form 1042. Credit for amounts withheld by other withholding agents Total payments. Add lines 65 through 67. If line 64e is larger than line 68 enter balance due here. Apply overpayment sum of lines 70a and 70b to check one Credit on 2016 Form 1042 or Refund 63b...1 63b 2 63c 63d 63e 64a 64b 64c 64d 64e 67a 67b 70b Reconciliation of Payments of U*S* Source FDAP Income withheld upon under chapter 4 because a Amount of income paid to recipients whose chapter 4 status established no withholding is required.
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Instructions and Help about IRS 1042
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How to fill out IRS 1042
Instructions and Help about IRS 1042
How to edit IRS 1042
To edit IRS Form 1042, you can use tools like pdfFiller that allow for online editing. Simply upload the form and make any necessary changes to the fields required. Ensure that all information is accurate before finalizing the form.
How to fill out IRS 1042
Filling out IRS Form 1042 involves collecting the necessary information and entering it accurately. Follow these steps:
01
Gather all relevant financial documents, including payment records and the withholding agent's details.
02
Enter the recipient's information, ensuring the name and taxpayer identification number are correct.
03
Provide details of the payments made and the corresponding amount withheld.
04
Sign and date the form before submission.
About IRS previous version
What is IRS 1042?
IRS Form 1042 is a tax form used by withholding agents to report certain payments made to foreign persons and to report the amount of tax withheld on those payments. It is filed annually, typically by entities that make payments subject to withholding, such as dividends or interest.
Who needs the form?
Withholding agents, including U.S. financial institutions, partnerships, and corporations, need to file IRS Form 1042 if they make payments to foreign persons. These may include non-resident aliens receiving U.S.-source income.
Components of the form
IRS Form 1042 consists of multiple sections, including the identification of withholding agents, details on payments made, and the summary of tax withheld. Each section must be completed with accurate financial information for the form to be considered valid.
What information do you need when you file the form?
When filing IRS Form 1042, you will need the following information:
01
The name, address, and taxpayer identification number (TIN) of the withholding agent.
02
The name and address of the foreign person receiving payments.
03
A detailed account of the payments made and taxes withheld.
Where do I send the form?
Completed IRS Form 1042 must be mailed to the appropriate IRS address, which can vary based on the location of the withholding agent. Consult the IRS instructions for Form 1042 for the correct mailing address for submission.
What is the purpose of this form?
The purpose of IRS Form 1042 is to report income paid to foreign individuals or foreign entities and the amount of tax withheld from those payments. This information is critical for the IRS to ensure compliance with U.S. tax laws regarding foreign income.
When am I exempt from filling out this form?
You may be exempt from filling out IRS Form 1042 if you are not making payments to foreign persons or if the payments are not subject to U.S. withholding tax requirements. Additionally, individuals or entities claiming a reduction or exemption based on a tax treaty may need to assess their filing obligations carefully.
What are the penalties for not issuing the form?
Not issuing IRS Form 1042 can result in penalties, including fines for each failure to file the form or for underreporting amounts owed. The IRS imposes strict regulations regarding timeliness and accuracy that could lead to significant financial repercussions for noncompliance.
Is the form accompanied by other forms?
IRS Form 1042 may need to be accompanied by Form 1042-S, which reports specific income types paid to foreign persons. It is essential to check the IRS requirements to ensure that all necessary forms are filed together to avoid any compliance issues.
FAQ about IRS 1042
How can I correct mistakes on my 2015 form 1042?
To rectify errors on your 2015 form 1042, you must file an amended return. This involves submitting a new form indicating the corrections and checking the box that indicates it's an amended return. Ensure you provide an explanation for the changes made to avoid delays in processing.
How can I verify the status of my 2015 form 1042 submission?
You can track the status of your 2015 form 1042 by contacting the IRS directly or using their online status check tools. Keep your submission confirmation number handy, as this will facilitate the status inquiry, especially if you filed electronically.
What should I do if my e-filing of the 2015 form 1042 gets rejected?
If your e-filing of the 2015 form 1042 is rejected, carefully review the rejection notice to identify the issue. Common causes include incorrect taxpayer identification numbers and formatting errors. Correct the noted issues and resubmit your form as soon as possible to avoid penalties.
What privacy measures should I consider when submitting the 2015 form 1042 electronically?
When e-filing the 2015 form 1042, ensure you're using a secure internet connection and reputable software compliant with IRS standards. Additionally, store your submission records securely and avoid sharing sensitive personal information unnecessarily to protect your data privacy.
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