1042-S - Overview

Use Form 1042-S to report:

Income and amounts withheld as described in the Instructions for Form 1042-S.
Specified Federal procurement payments paid to foreign persons that are subject to withholding under section 5000C.
Distributions of effectively connected income by a publicly traded partnership or nominee.

Deadlines

See below for the deadlines relevant to the Form 1042-S:

March 15th is the last day to deliver forms to recipients
March 15th is the last day to submit filings

If a deadline falls on a weekend or holiday, it will be extended to the next business day. A 30-day extension is generally available for both of the deadlines above.

Resources

Please see the 1042-S – IRS Form & Instructions for official IRS information.

Below are the applicable CSV Ingestion Templates:

Data Requirements

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

Filing Entity

The legal entity responsible for the issuing forms will be the filing entity. The information listed below must be submitted through the Taxbit Dashboard.

For more information on Filer setup, please refer to this guide: Filer Setup

Field Name	Required
Name	Required
Address	Required
Tax Residency	Required
US TIN	Required
Non-US TIN	If Applicable
GIIN	Only required for filers with a specific Ch.4 status
US Tax Classification (Ch.3 Status)	Required
FATCA Classification (Ch.4 Status)	Required
Contact Phone Number	Required
Contact Name	Required
Contact Title/Department	Required

Please note: If there are multiple filers, please ensure that you are using the correct filer ID for the associated account(s).

Account Owner / Account

For ingestion purposes, the only data point required to create/update an Account Owner is the Account ID. This allows you to add all of your users to the Dashboard, even while you may still be collecting additional information. There will be reports available in the Dashboard to let you know if something is missing for an Account that is eligible for a tax form.

For more information on formatting the Account Owner/Account CSV templates, please refer to this guide: 1042-S Account Owner/Account CSV Ingestion Template Guide

The following table, however, summarizes the required fields needed to complete 1042-S reporting.

Field Name	Required
Account Owner ID	Only required if you have Account Owners with multiple Accounts
Account ID	Required
Name	Required
Address	Required
Date of Birth	Only required for Individuals
Tax Residency	Required
Non-US TIN	Only required to the extent a treaty rate is being applied (at least one)
US TIN
GIIN	Only required for entities with a specific Ch.4 status
US Tax Classification (Ch.3 Status)	Required
FATCA Classification (Ch.4 Status)	Required (except for certain income types)
Closest Intermediary Account ID	Only required for indirect account owners of a non-US partnership
Filer ID	Only required if you have multiple Filers

Please note: An Account Owner/Account must be created for all direct and indirect account holders.

Form Data

For account activity, you will need to prepare the Form Data template. This template generally mirrors the fields on the IRS form and should include the final aggregated amounts for reporting.

Note that there should be a single row for each Account, per income code, per withholding rate.

Field Name	Required
Account ID	Required
Income code (Box 1)	Required
Gross income (Box 2)	Required
Chapter indicator (3 or 4) (Box 3)	Required
Exemption code (Box 3a)	Required
Tax rate (Box 3b)	Required
Exemption code (Box 4a)	Required
Tax rate (Box 4b)	Required
Federal tax withheld (Box 7a)	Only required if withholding was completed
Recipient LOB code (Box 13j)	Only required for entities claiming treaty benefits
Withholding allowance (Box 5)	If Applicable
Not Escrow Checkbox (Box 7b)	If Applicable
WH in Sub. Year Checkbox (Box 7c)	If Applicable
Check if Filer is QI, WFP, WFT revising reporting (Box 7d)	If Applicable
Tax withheld by other agents (Box 8)	If Applicable
Overwithheld tax repaid to recipient (Box 9)	If Applicable
Tax paid by withholding agent (Box 11)	If Applicable
Pro-rata Basis Checkbox (Box 15)	If Applicable
Primary WHA Name (Box 14a)	These boxes are typically not utilized on the Form 1042-S, however, they may be required in specific circumstances
Primary WHA EIN (Box 14b)
Payer Name (Box 16a)
Payer TIN (Box 16b)
Payer GIIN (Box 16c)
Payer Ch3 Status (Box 16d)
Payer Ch4 Status (Box 16e)
State Withholding (Box 17a)
Payer's state number (Box 17b)
State Name (Box 17c)
Final Return	If Applicable