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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-S
for the current year.
IRS Form 1042-S Foreign Person's U.S. Source Income Subject to Withholding
What Is IRS Form 1042-S?
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-S?
A: IRS Form 1042-S is a form used to report income paid to non-U.S. residents, including both individuals and foreign entities, that is subject to withholding.
Q: Who needs to file IRS Form 1042-S?
A: U.S. withholding agents, such as businesses and organizations, are required to file IRS Form 1042-S when they have made payments of U.S. source income to foreign persons that are subject to withholding.
Q: What is considered U.S. source income?
A: U.S. source income generally includes income derived from U.S. sources, such as wages, salaries, dividends, rental income, and royalties.
Q: What is withholding?
A: Withholding is the process of deducting taxes from certain types of income at the time it is paid.
Q: What are the key sections of IRS Form 1042-S?
A: The key sections of IRS Form 1042-S include: recipient information, income codes, tax withheld, treaty benefits, and special rates and conditions.
Q: Is it necessary for foreign persons to file IRS Form 1042-S?
A: No, foreign persons themselves do not file IRS Form 1042-S. It is the responsibility of the U.S. withholding agent to file the form on their behalf.
Q: When is the deadline to file IRS Form 1042-S?
A: The deadline to file IRS Form 1042-S is generally March 15th of the year following the calendar year in which the income was paid.
Q: Are there any exceptions to the deadline for filing IRS Form 1042-S?
A: Yes, there are certain exceptions to the deadline for filing IRS Form 1042-S. For example, if the U.S. withholding agent is filing electronically, the deadline is extended to March 31st.
Q: What are the consequences of not filing IRS Form 1042-S?
A: Failure to file IRS Form 1042-S or filing it late can result in penalties and interest being assessed by the IRS.
Form Details:
- A 8-page form available for download in PDF;
- This form will be used to file next year's taxes. Choose a previous 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-S through the link below or browse more documents in our library of IRS Forms.
Download IRS Form 1042-S Foreign Person's U.S. Source Income Subject to Withholding
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