Form 1042-S is used to report amounts paid to foreign persons that are subject to income tax withholding, even if no amount is deducted and withheld from the payment because of a treaty or exception to taxation, or if any amount withheld was repaid to the payee. It is also used to report amounts withheld under Chapter 3 of the Internal Revenue Code.
Sometimes, this form is mailed out strictly for informational purposes and therefore does not need to be included on your return. This is often the case when Resident Aliens receive this form.
The significant items on the 1042-S form are Box 7 and Box 10. Box 7 is US Federal Tax Withheld and Box 10 is Withholding Credit.
If both of those boxes are 0, then nothing was withheld and there is no withholding credit and the 1042-S form is just for your informational purposes.
Form 1042-S is used to report amounts paid to foreign persons that are subject to income tax withholding, even if no amount is deducted and withheld from the payment because of a treaty or exception to taxation, or if any amount withheld was repaid to the payee. It is also used to report amounts withheld under Chapter 3 of the Internal Revenue Code.
Sometimes, this form is mailed out strictly for informational purposes and therefore does not need to be included on your return. This is often the case when Resident Aliens receive this form.
The significant items on the 1042-S form are Box 7 and Box 10. Box 7 is US Federal Tax Withheld and Box 10 is Withholding Credit.
If both of those boxes are 0, then nothing was withheld and there is no withholding credit and the 1042-S form is just for your informational purposes.
Thank you so much for your answer. I have not received form 1099-DIV. My net income on form 1042-S is reported 0.00. Thus am I supposed to report anything?
Just a note, I am a resident alien for tax purposes and my 1042-S (why did I receive that, I am a resident alien) form mentions that the total withholding credit is > 0. Income code is 06.
So, is there any income being reported on your Form 1042-S or the only amount(s) on there shows 0?
Also, How long have you been a Resident alien of the U.S. and did you ever receive Form 1042-S in past tax years?
I have been a resident alien for 3 years already. In the past I have received a 1042-S, because I was doing research and there was a tax treaty between my home country and US. Currently I work at a company and for sure am a resident alien. On my 1042-S form the income code is 06, gross income is >0, chapter 3 is checked and total withholding credit (box 10) is >0. Thank you!
You do not need to file. Please see my updated answer for the details. I hope I was helpful to you!
@TurboTaxBelling - You have mentioned that "This is often the case when Resident Aliens receive this form", does this mean in some cases even Resident Aliens have to report this form?
@ankur280 You need to report your income, regardless on what form it is on (or no form at all).
Report your income (if you don't know where, post a new question asking about it, and specify exactly what type of income it is).
If you are a Resident Alien, you should also contact the company that issued the form to get things corrected for next year.
I agree with TaxGuyBill, you definitely have to report this income (as a 1099DIV). Provide the broker-bank etc. form W9 to have the correct form next year (assuming you are staying in the US )
Hello, I have a question.... I received 1042-s form And I have amount of 489$ in box 7. I received in Vegas but I am from Czech republic. I was told that I could get some of this amount Back in my country. Is that right? What can I do? Thx, Jan
When you file your US tax return (if you are a Nonresident Alien, you can NOT use TurboTax), that will determine your actual taxes. You could get some or all of the $489 refunded, or you may owe more taxes.
If you ALSO owe taxes on that money to the Czech Republic, you may be able to get a "Foreign Tax Credit" that would reduce or eliminate any taxes owed on that money.
At any rate, you will need to file a US tax return. If you are a Nonresident Alien or a Dual Status Alien, TurboTax does not do those types of tax returns, and I highly recommend going to a tax professional.
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Hi I am a student with fellowship and I have 1042-s with income and tax credit.. where do I fill that?
@icetritium1332 Are you are a tax-Resident or are you a Nonresident Alien for tax purposes?
If you are not sure, please tell us (1) what type of visa you have (if any), (2) how long you have been in the US for the last 4 years, and (3) if you are married, answer those same questions about your spouse.
Hello @TaxGuyBill I am a RA, and I received 1042-S with both box 7 and box 10 = 0. Do I still need to file? The income code in box 1 is 23, and gross income is $10. In box 11, it says tax paid by withholding agent equals $3. Box 3b tax rate is 30%.
@TurboTaxBelling will really appreciate if you could help!
@TurboTaxBelling will really appreciate if you could help!
Form 1042-S is like our country form 16A issued by bank. This is the income and TDS made in USA. This form is being submitted before filing of income tax Return as an attachment zip folder with filing of Form 67 of Income tax with your e-filing income tax. Then in Your ITR-2 you will claim the income in Section 90.
Hello all,
Similar question. I received a 1042-S when I should have received a 1099-Div. IRA rollover took too long to transfer from one company to another, generating a taxed dividend and they sent a 1042-S. It was the transfer company's mistake but they are unwilling to send revised tax form. I'm a US Citizen, living in US. Below are the 1042-S box contents. Please advise how those boxes map into TurboTax boxes. Hoping folks can provide specifics.
Box 1=06
Box 2=151
Box 3=4
Box 3a=12
Box 4b=30
Box 7a=45
Box 10=45
Box 12a=xxx
Box 12c=01
Box 13b= OC
Box 13e=xxx
Box 13f= 10
Box 13g=37
If you have your Form 1042-S and 1098-T you will have to use Turbtax Partner Sprinttax Turbotax Partner Sprinttax to complete your return.
Who exactly is this Sprintax.com service for?
I have received a 1042-S - What do I do now? /Sprintax use this link for additional info.
Since you are a US citizen, you will file a 1040 resident return. You will enter the 1042S as a 1099 DIV. Here is how to enter. Go to the income section in your return then to Investments and Savings (1099-B, 1099-INT, 1099-DIV, 1099-K, Crypto) if using Turbo Tax Online. The menu path is similar in the Desktop version of Turbo Tax. Now select 1099 DIV when it asks.
Now when the information is entered, you are only concerned with the entries in Box 2, 7A, and possibly 12A. Here is how to enter.
As far as Box 12A, save that information. In a review, Turbo Tax may ask you for an EIN, FEIN, TIN. IOf it asks, record the the amount in Box 12A in the section that appears on your screen.
Does the Chapter 3 of the code have your quote
'If both of those boxes are 0, then nothing was withheld and there is no withholding credit and the 1042-S form is just for your informational purposes. '
Would love the page and para reference for 'it just informational' when the rate and withholding are both zero.
Really love go have it
To clarify, are you asking a question and whom are you addressing this to? Also, chapter 3 of what code?