The IRS Form 1042-S deals with a foreign person’s U.S. source of income that is subject to withholdings.
Who Should File 1042-S?
- If you are a withholding agent, whether or not you withheld any tax
- You must file a 1042-S for each tax rate
- File one for each kind of income paid to a single recipient
The form can be filed on paper or online. However, if you are a withholding agent and you will have to file more than 250 forms, you must file online.
Important Dates For 1042-S
- Recipient Copy-March 16th
- IRS eFile-March 16th
- IRS Paper Filing-March 16th
If this date falls on a holiday the due date will be the next day.