Startseite

Tax: Non-US Persons and Entities: Form 1042-S

Form 1042-S reports US source income earned by non-US persons subject to US withholding tax, including interest, dividends, substitute payments in lieu and fees earned (paid to and for account managers) on your account for the year.  You may receive multiple 1042-S forms reporting different types of income.  This information is also reported to the IRS. Each type of income is reported on a separate form using a code in Box 1. Common codes are:

01) Interest paid by U.S. obligors including the U.S. Treasury
29) Deposit Interest
30) Original issue discount (OID)
06) Dividends paid by U.S. Corporations
34) Substitute payment – Dividends
35) Substitute- payment – Other
50) Other Income

Box 2 indicates the amount of income credited to your account of this type, Box 5 the rate at which tax was withheld and Box 7, the amount of U.S. Tax withheld.

If the income is exempt from withholding tax a code appears in Box 6.

 

Circular 230 Notice: These statements are provided for information purposes only, are not intended to constitute tax advice which may be relied upon to avoid penalties under any federal, state, local or other tax statutes or regulations, and do not resolve any tax issues in your favor.