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Form 1042-S is generated through the GLACIER online tax reporting system and is distributed to all eligible recipients on or before March 15 of each year following the year of payment. Forms issued to individuals are distributed directly through GLACIER, unless the individual has opted to receive their form by mail.
Form 1042-S is generated through the GLACIER online tax reporting system and is distributed to all eligible recipients on or before March 15 of each year following the year of payment. Forms issued to individuals are distributed directly through GLACIER, unless the individual has opted to receive their form by mail.
Form 1042-S is used to report amounts paid to foreign persons (including persons presumed to be foreign) who are subject to income tax withholding.
Form 1042, also “Annual Withholding Tax Return for U.S. Source Income of Foreign Persons”, is used to report tax withheld on certain income of foreign persons. The employer only needs to submit Form 1042 to the IRS, not to their employee. Form 1042 does not have to be accompanied by a Form 1042-T.
The Form 1042-S can be filed electronically, or on paper. Withholding agents are required to file electronically if there are 250 or more Forms 1042-S. The electronic submissions are filed using the Filing Information Returns Electronically (FIRE) System.
Who Must File. Every withholding agent or intermediary, whether U.S. or foreign, who has control, receipt, custody, disposal or payment of any fixed or determinable, annual or periodic U.S. source income, or a withholdable payment (to which chapter 4 withholding applies) must file Form 1042.
24:35 1:06:42 Suggested clip Forms 1042 and 1042-S: What You Need to Know Before Filing YouTubeStart of suggested client of suggested clip Forms 1042 and 1042-S: What You Need to Know Before Filing
The 1042-S forms are also available online through the Foreign National Information System (FINIS) website to students who have a FINIS account. Students can also request a copy of Form 1042-S by contacting the Finance Support Center (FSC) at (203) 432-5394 or by emailing sharedservices@yale.edu.
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