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This version of the form is not currently in use and is provided for reference only. Download this version of
IRS Form 1042
for the current year.
IRS Form 1042 Annual Withholding Tax Return for U.S. Source Income of Foreign Persons
What Is IRS Form 1042?
This is a tax form that was released by the Internal Revenue Service (IRS) - a subdivision of the U.S. Department of the Treasury. Check the official IRS-issued instructions before completing and submitting the form.
FAQ
Q: What is IRS Form 1042?
A: IRS Form 1042 is the Annual Withholding Tax Return for U.S. Source Income of Foreign Persons.
Q: Who needs to file IRS Form 1042?
A: Foreign persons who have received income from U.S. sources are required to file Form 1042 to report and pay any withholding tax.
Q: What is U.S. source income?
A: U.S. source income refers to income that is earned or generated within the United States, such as wages, salaries, dividends, royalties, and rents.
Q: What is withholding tax?
A: Withholding tax is a tax that is deducted from the income of foreign persons before it is paid to them. It is withheld by the U.S. payers as a way to ensure that the appropriate amount of tax is paid.
Q: What information is required on IRS Form 1042?
A: Form 1042 requires information about the foreign person, the type and amount of income received, the amount of withholding tax withheld, and any exemptions or treaty benefits claimed.
Q: When is the deadline to file IRS Form 1042?
A: Generally, Form 1042 must be filed by March 15th of the following year. However, extensions may be available.
Q: Are there any penalties for not filing IRS Form 1042?
A: Yes, failure to file Form 1042 or pay the withholding tax can result in penalties, including fines and interest.
Q: Do foreign persons need a U.S. taxpayer identification number to file Form 1042?
A: Yes, foreign persons must obtain an Individual Taxpayer Identification Number (ITIN) or an Employer Identification Number (EIN) to use on Form 1042.
Q: Can I file IRS Form 1042 electronically?
A: Yes, electronic filing of Form 1042 is available through the IRS's Modernized e-File (MeF) system.
Form Details:
- A 2-page form available for download in PDF;
- This form cannot be used to file taxes for the current year. Choose a more recent version to file for the current tax year;
- Editable, printable, and free;
- Fill out the form in our online filing application.
Download a fillable version of IRS Form 1042 through the link below or browse more documents in our library of IRS Forms.
Download IRS Form 1042 Annual Withholding Tax Return for U.S. Source Income of Foreign Persons
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