1042 - Data Requirements

See below for all of the required data elements for completing Form 1042 reporting.

Form 1042 is filed at the filer level. There should be a single row for each Filer, per tax year, in the Form 1042 Form Data template. For more information on the Form 1042 Form Data CSV template, please refer to the following guide: 1042 - Form Data CSV Ingestion Template Guide

Filing Entity

The legal entity responsible for filing Form 1042 is the filing entity. The information listed below must be submitted through the Taxbit Dashboard.

For more information on Filer setup, please refer to the Filer Setup guide.

Field Name	Required
Name	Required
Address	Required
U.S. EIN	Required
U.S. Tax Classification (Chapter 3 Status)	Required
FATCA Classification (Chapter 4 Status)	Required
GIIN	Only required for filers with a specific Chapter 4 status
Contact Name	Required
Contact Title/Department	Required
Contact Phone Number	If applicable

Account Owner / Account

Form 1042 is filed at the Filer level and does not require separate Account Owner or Account data for Form 1042 Form Data ingestion.

Forms 1042-S may be used to derive and reconcile certain Form 1042 values. For more information on the underlying account-level data, please refer to the 1042-S - Data Requirements guide.

Transactions or Form Data

Form 1042 does not require transaction data. Form Data must be provided for each filer and tax year.

When Forms 1042-S have been generated in Taxbit, certain Form 1042 values may be prepopulated from the filer’s Forms 1042-S. The submitted Form Data should include the final values to be used for Form 1042 generation, including any customer-provided overrides.

For a nil return, Form Data must still be provided. The Forms 1042-S counts and applicable amounts should be entered as zero rather than omitted.

Form Data

The Form Data template generally mirrors the fields on Form 1042 and includes the final values used for reporting. Fields that can be calculated from other fields are not required to be provided in the template.

General

Field Name	Required
Filer ID	Required
Check if this is the final year this entity will file Form 1042	If applicable
Enter date of final income amount paid	If applicable

Section 1: Record of Federal Tax Liability

Field Name	Required
Tax liability for period, including any taxes assumed on Form(s) 1000 (Lines 1–60)	If applicable

The liability-by-date section includes separate entries for the applicable periods in each month and a monthly total. This information generally cannot be derived from Forms 1042-S and must be provided by the customer when applicable.

Income Reported on Forms 1042-S

Field Name	Required
No. of Forms 1042-S filed on paper (Line 61a)	If applicable
No. of Forms 1042-S filed electronically (Line 61b)	Required, including when the value is zero
Total U.S.-source FDAP income, other than U.S.-source substitute payments, reported (Line 62a)	Required when Forms 1042-S were filed
Total U.S.-source substitute dividend payments reported (Line 62b(1))	If applicable
Total U.S.-source substitute payments reported other than substitute dividend payments (Line 62b(2))	If applicable
Enter gross amounts actually paid if different from gross amounts reported (Line 62d)	If applicable

Withholding and Liability

Field Name	Required
Tax withheld by withholding agent (Line 63a)	Required when Forms 1042-S were filed
Tax withheld by other withholding agents for payments other than substitute dividends (Line 63b(1))	If applicable
Tax withheld by other withholding agents for substitute dividends (Line 63b(2))	If applicable
Adjustments to overwithholding (Line 63c(1))	If applicable
Adjustments to underwithholding (Line 63c(2))	If applicable
Tax paid by withholding agent (Line 63d)	If applicable
Adjustments to total net tax liability (Line 64a)	If applicable
Total net tax liability under Chapter 3 (Line 64b)	If applicable
Total net tax liability under Chapter 4 (Line 64c)	If applicable
Excise tax on specified federal procurement payments (Line 64d)	If applicable

Taxbit calculates the applicable totals, including total tax reported as withheld or paid and total net tax liability.

Payments

Field Name	Required
Total paid by electronic funds transfer during the calendar year (Line 65a)	If applicable
Total paid during the subsequent year (Line 65b)	If applicable
Overpayment applied as credit from the prior-year Form 1042 (Line 66)	If applicable
Credit for amounts withheld by other withholding agents for payments other than substitute dividends (Line 67a)	If applicable
Credit for amounts withheld by other withholding agents for substitute dividends (Line 67b)	If applicable

Taxbit calculates total payments and the resulting balance due or overpayment.

Balance due or Overpayment

Field Name	Required
Overpayment attributable to excise tax on specified federal procurement payments (Line 70b)	If applicable
Apply overpayment to credit or refund (Line 71a)	Required when an overpayment exists
Routing number (Line 71b)	If applicable
Account type (Line 71c)	If applicable
Account number (Line 71d)	If applicable

When banking information is provided, the routing number, account type, and account number must be provided together.

Section 2: Reconciliation of U.S.-Source FDAP Income

Field Name	Required
Total U.S.-source FDAP income required to be withheld upon under Chapter 4 (Line 1)	Required when Forms 1042-S were filed
Amount of income paid to recipients whose Chapter 4 status established no withholding is required (Line 2a)	Required when Forms 1042-S were filed
Amount of excluded nonfinancial payments (Line 2b)	Required when Forms 1042-S were filed
Amount of income paid with respect to grandfathered obligations (Line 2c)	Required when Forms 1042-S were filed
Amount of income effectively connected with the conduct of a trade or business in the United States (Line 2d)	Required when Forms 1042-S were filed
Explanation when the Section 2 variance is not zero (Line 6)	Required if there is a discrepancy

The Section 2 reconciliation values may be derived from Forms 1042-S. Taxbit calculates the applicable reconciliation totals and variance.

Section 3: Potential Section 871(m) Transactions

Field Name	Required
Check if any payments were made under a potential section 871(m) transaction	If applicable

Section 4: Payments by a Qualified Derivatives Dealer

Field Name	Required
Check if any payments were made by a QDD	If applicable
QDD EIN	Required if payments were made by a QDD

Schedule Q is required when applicable to QDD reporting. Schedule Q is not included in the initial Form 1042 Form Data workflow. Please reach out to your Taxbit account team for more information on currently supported QDD reporting.

Signature and attachments

Signature information is collected during the Form 1042 generation or filing workflow.

A responsible officer must sign the return. Form 8453-WH is required for efile approval. Additional attachments may be required for amended or superseded returns, credits for amounts withheld by other agents, responsible-party changes, or other filing-specific circumstances.