Form 1042-S

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Form 1042-S

A form that one files with the IRS to report certain U.S. income of a foreign person that is subject to withholding. It is especially used for income derived from a nominee or a publicly-traded partnership. Many common types of income, notably income reported on W-2 or 1099 forms, is not reported on Form 1042-S.
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The payor is generally required to provide Form 1042S, Foreign Person's U.
In the case of certain related or controlled corporate payers, however, the waiver applies only if the income is properly reported on form 1042S.
Bank deposit interest and certain other interest payments on specific types of financial obligations are generally not reported on Form 1042S.
A withholding agent or qualified intermediary is fully liable for all taxes owed by a foreign beneficial owner and also reports the income paid to each recipient on a Form 1042S.
Uniform magnetic media filing requirements also apply to the following: Form W-2G, "Statement for Recipients of Certain Gambling Winnings;" Form 1099 series; Form 1098, "Mortgage Interest Statement;" Form 1042S, "Foreign Person's U.
As a final reminder, the deadline for filing information returns is February 28, 1992, with the exception of Form W-2 (due March 2, 1992); Form 1042S (due March 15, 1992); and Form 5498 (due May 31, 1992).
Department of the Treasury, Internal Revenue Service, Instructions for Form 1042S.
NOTES Detail may not add to totals because of rounding Form 1042S is entitled Foreign Persons U S, Source Income Subject to Withholding.
trade or business, as well as bank deposit interest, are not subject to the withholding tax and are generally not reported on Form 1042S.
A payer or designated agent is fully liable for all taxes owed by a recipient and also reports the income paid to each recipient on a Form 1042S.
For 1999, interest payments reported on Form 1042S, which excludes bank deposit interest, increased 15.