Form Definitions

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Form 1042-S - Foreign Person's U.S. Source Income Subject to Withholding

What’s new for 2013?

Beginning January 1, 2013, deposit interest described in section 871(i)(2)(A) aggregating $10 or more paid to certain nonresident alien individuals with respect to a deposit maintained at an office within the United States must be reported on Form 1042-S. For more information, see Interest on deposits in the form instructions.

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

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