Form 1042-S | <

1042-S Forms

1042-S Form

1042-S Form

What is it?

1042-S – The IRS revamped form 1042-S for the 2018 tax year to accommodate FATCA reporting. Payers or withholding agents (a Payer may also be a withholding agent) report payments of US sourced income to foreign persons. Form 1042-S is similar to a 1099 in that it is for income not received as an employee. Types of reportable income may include interest on deposits, corporate distributions, rents, royalties, annuities, and more.

Who needs it?

Every withholding agent must file an information return on Form 1042-S to report amounts paid during the preceding calendar year that are described under Amounts Subject to Reporting on Form 1042-S. However, withholding agents who are individuals are not required to report a payment on Form 1042-S if they are not making the payment as part of their trade or business and no withholding is required to be made on the payment.

Who Needs this Form?

When to File it

With, we automatically schedule your IRS e-File transmission date for the e-File deadline. That allows you to make changes to forms after creating them for your vendors and before sending them to the IRS, without the need to issue corrected forms – all at no additional cost for the e-File update. You may also change the scheduled date to occur earlier than the deadline if you prefer.

When to File?
Filing Type Due Date
Recipient copy March 15, 2018
IRS Paper Filing March 15, 2018
IRS E-File March 15, 2018
How long Will It Take?

Electronically filed 1042-S form is directly transmitted to the IRS from system. IRS e-filed acceptance acknowledgment comes within 3 to 7 business days.



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