Form 1042-S - Foreign Person's
U.S.
Source
Income Subject to Withholding
What’s new for 2011?
New rules apply for payments made on certain
guarantees of indebtedness issues after September 27, 2010. Use income code
41 for amounts paid for these guarantees of indebtedness.
Use income code 40 for U.S.-source dividend
equivalent payments other than substitute dividend payments (income code
34) or notional principal contract income (income code 32). Use exemption
code 10 for payments to a qualified securities lender that assumes primary
withholding responsibilities. Use recipient code 22 for a qualified securities
lender.
If you made U.S.-source substitute dividend
payments to qualified securities lenders, and these payments are part of a
chain of substitute dividend payments, you may be exempt from withholding
tax on the payments. See Amounts paid
to qualified securities lenders in the form instructions.
The penalties for failure to file, or provide
correct and complete, Forms 1042-S have increased.
What to Report
Income such as interest, dividends, royalties, pensions and
annuities, etc., and amounts withheld under Chapter 3 of the Internal
Revenue Code. Also, distributions of effectively connected income by
publicly traded partnerships or nominees.
Due Dates
To Internal Revenue Service
Paper: March 15
E-File: March 15
To State Agency
State Filing Deadlines
To Recipient
March 15
* If date shown falls on a Saturday, Sunday or legal
holiday, the due date is the next business day.
Where To File
Federal - Paper
Ogden
Service
Center
P.O. Box 409101
Ogden,
UT
84409
Where To File Federal - E-file
http://fire.irs.gov/
Federal Filing Requirements
- Copy A -
For Internal Revenue Service
- Copy B -
For Recipient
- Copy C -
For Recipient--Attach to any Federal tax return you file
- Copy D -
For Recipient--Attach to any state tax return you file
- Copy E -
For Withholding Agent
Federal E-Filing Requirement
Any person, including a corporation, partnership,
individual, estate, and trust, who is required to
file 250 or more information returns must file such returns electronically.
The 250 or more requirement applies separately to original and amended
returns. For example, if you have 300 original Forms 1042-S, they must be
filed electronically. However, if 200 of those forms contained erroneous
information, the amended returns may be filed on paper because the number
of amended Forms 1042-S is less than the 250 or more filing requirement.
Federal Transmittal Form Requirement
Paper: Form 1042-T
E-file: None Required
IRS Specific Form 1042-S
Instructions
Order 1042-S Forms |
