Form 1042 PDF Details

The Form 1042 is an informational form used to report certain types of income from foreign sources. This form must be filed by certain entities who earn income from foreign sources, and it can be helpful in calculating tax liability on that income. There are a number of specific details that must be accounted for on the Form 1042, so it's important to understand its purpose and use before filing. By understanding what the form covers and how to complete it correctly, taxpayers can avoid potential problems with the IRS.

You'll find information about the type of form you wish to prepare in the table. It will tell you just how long it takes to finish form 1042, what fields you need to fill in, and so on.

QuestionAnswer
Form NameForm 1042
Form Length2 pages
Fillable?Yes
Fillable fields1
Avg. time to fill out42 sec
Other namestax withholding form irs, federal w 4, form 1042, 1042 payment

Form Preview Example

Sign
Here

Form 1042

Annual Withholding Tax Return for U.S. Source

 

 

 

OMB No. 1545-0096

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income of Foreign Persons

 

 

 

 

 

 

 

 

 

 

 

 

Department of the Treasury

 

 

 

 

 

 

 

 

 

 

2021

Internal Revenue Service

Go to www.irs.gov/Form1042 for instructions and the latest information.

 

 

 

 

If this is an amended

return, check here

. . .

.

.

. . . . . .

Name of withholding agent

 

 

 

 

Employer identification number

 

 

 

 

For IRS Use Only

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ch. 3 Status Code

 

Ch. 4 Status Code

 

CC

 

 

 

 

 

FD

Number, street, and room or suite no. (If a P.O. box, see instructions.)

 

 

 

 

RD

 

 

 

 

 

FF

 

 

 

 

 

 

 

 

 

 

 

 

CAF

 

 

 

 

 

FP

City or town, state or province, country, and ZIP or foreign postal code

 

 

 

 

CR

 

 

 

 

 

I

 

 

 

 

 

 

 

 

 

 

 

 

EDC

 

 

 

 

 

SIC

 

 

If you do not expect to file this return in the future, check here

Enter date final

income

paid

 

 

 

 

 

 

 

Section 1

Record of Federal Tax Liability (do not show federal tax deposits here)

 

 

 

 

 

 

 

Line

 

Period

 

 

Tax liability for period

Line

Period

 

 

 

Tax liability for period

 

Line

 

 

Period

 

 

 

Tax liability for period

 

 

(including any taxes assumed

 

 

(including any taxes assumed

 

 

 

 

(including any taxes assumed

No.

 

ending

 

 

on Form(s) 1000)

No.

ending

 

 

 

on Form(s) 1000)

 

No.

 

 

ending

 

 

 

 

on Form(s) 1000)

1

 

 

7

 

 

21

 

7

 

 

 

41

 

 

 

7

 

 

 

 

 

 

2

 

Jan.

15

 

 

22

May

15

 

 

 

42

 

Sept.

15

 

 

 

 

 

 

3

 

22

 

 

23

22

 

 

 

43

 

22

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4

 

 

31

 

 

24

 

31

 

 

 

44

 

 

 

30

 

 

 

 

 

 

5

 

Jan. total

 

 

25

May total

 

 

 

45

 

Sept. total

 

 

 

 

 

 

6

 

 

7

 

 

26

 

7

 

 

 

46

 

 

 

7

 

 

 

 

 

 

7

 

Feb.

15

 

 

27

June

15

 

 

 

47

 

 

Oct.

15

 

 

 

 

 

 

8

 

22

 

 

28

22

 

 

 

48

 

 

22

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

9

 

 

28

 

 

29

 

30

 

 

 

49

 

 

 

31

 

 

 

 

 

 

10

 

Feb. total

 

 

30

June total

 

 

 

50

 

Oct. total

 

 

 

 

 

 

11

 

 

7

 

 

31

 

7

 

 

 

51

 

 

 

7

 

 

 

 

 

 

12

 

Mar.

15

 

 

32

July

15

 

 

 

52

 

Nov.

15

 

 

 

 

 

 

13

 

22

 

 

33

22

 

 

 

53

 

22

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

14

 

 

31

 

 

34

 

31

 

 

 

54

 

 

 

30

 

 

 

 

 

 

15

 

Mar. total

 

 

35

July total

 

 

 

55

 

Nov. total

 

 

 

 

 

 

16

 

 

7

 

 

36

 

7

 

 

 

56

 

 

 

7

 

 

 

 

 

 

17

 

Apr.

15

 

 

37

Aug.

15

 

 

 

57

 

Dec.

15

 

 

 

 

 

 

18

 

22

 

 

38

22

 

 

 

58

 

22

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

19

 

 

30

 

 

39

 

31

 

 

 

59

 

 

 

31

 

 

 

 

 

 

20

 

Apr. total

 

 

40

Aug. total

 

 

 

60

 

Dec. total

 

 

 

 

 

 

Note: The totals from the above table are to be entered on lines 64b through 64d (as indicated in the instructions for those lines).

61

 

No. of Forms 1042-S filed: a On paper

 

 

 

 

b Electronically

 

 

 

 

 

 

 

62 Total gross amounts reported on all Forms 1042-S and 1000:

 

 

 

 

 

 

 

 

 

 

 

 

 

a Total U.S. source FDAP income (other than U.S. source substitute payments) reported

. . .

.

.

 

62a

 

b Total U.S. source substitute payments reported:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) Total U.S. source substitute dividend payments reported

. . .

.

.

 

62b(1)

 

 

(2) Total U.S. source substitute payments reported other than substitute dividend payments .

.

.

 

62b(2)

 

c

Total gross amounts reported (add lines 62a–b)

. . .

.

.

 

62c

dEnter gross amounts actually paid if different from gross amounts reported . . . . . . . . . 62d

Third Party

Do you want to allow another person to discuss this return with the IRS (see instructions)?

Yes. Complete the following.

No

 

 

 

 

 

 

 

 

 

Designee

Designee’s

Phone

Personal identification

 

 

 

 

 

 

name

no.

number (PIN)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Under penalties of perjury, I declare that I have examined this return, including accompanying schedules and statements, and to the best of my knowledge and belief, it is true, correct, and complete. Declaration of preparer (other than withholding agent) is based on all information of which preparer has any knowledge.

Your

Date

 

signature

 

 

 

 

Paid

Print/Type preparer’s name

Preparer’s signature

 

 

Preparer

Firm’s name

 

Use Only

 

Firm’s address

 

 

 

For Privacy Act and Paperwork Reduction Act Notice, see instructions.

Capacity in which acting

Daytime phone number

 

 

 

 

Date

 

Check

if

 

PTIN

 

 

 

 

 

 

 

 

 

 

 

self-employed

 

 

 

 

 

Firm’s EIN

 

 

 

 

 

 

 

 

 

 

 

 

Phone no.

 

 

 

Cat. No. 11384V

 

 

 

Form 1042 (2021)

Form 1042 (2021)

Page 2

63Total tax reported as withheld or paid by withholding agent on all Forms 1042-S and 1000:

a Tax withheld by withholding agent . . . . . . . . . . . . . . . . . . . . . .

bTax withheld by other withholding agents:

(1)

For payments other than substitute dividends

(2)

For substitute dividends

cAdjustments to withholding:

(1)

Adjustments to overwithholding

(2)

Adjustments to underwithholding

d Tax paid by withholding agent . . . . . . . . . . . . . . . . . . . . . . . .

eTotal tax reported as withheld or paid (add lines 63a–d) . . . . . . . . . . . . . . .

Computation of Tax Due or Overpayment

 

 

 

63a

 

 

 

 

 

63b(1)

 

 

63b(2)

 

 

 

 

 

63c(1)

(

)

63c(2)

 

 

63d

 

 

63e

 

 

 

 

 

64Total net tax liability

a

Adjustments to total net tax liability

b

Total net tax liability under chapter 3

c

Total net tax liability under chapter 4

d

Excise tax on specified federal procurement payments (total payments made x 2% (0.02)) . . . .

e

Total net tax liability (add lines 64a–d)

65Total paid by electronic funds transfer (or with a request for extension of time to file):

a

Total paid during calendar year

b

Total paid during subsequent year

66

Enter overpayment applied as credit from 2020 Form 1042

67Credit for amounts withheld by other withholding agents:

a

For payments other than substitute dividend payments

b

For substitute dividend payments

68

Total payments. Add lines 65 through 67

69If line 64e is larger than line 68, enter balance due here . . . . . . . . . . . . . . . .

70a

Enter overpayment attributable to overwithholding on U.S. source income of foreign persons . . .

b

Enter overpayment attributable to excise tax on specified federal procurement payments . . . .

71Apply overpayment (sum of lines 70a and 70b) to (check one):

Credit on 2022 Form 1042 or

Refund

Section 2 Reconciliation of Payments of U.S. Source FDAP Income

64a

64b

64c

64d

64e

65a

65b

66

67a

67b

68

69

70a

70b

1 Total U.S. source FDAP income required to be withheld upon under chapter 4 . . . . . . . .

2Total U.S. source FDAP income required to be reported under chapter 4 but not required to be withheld upon under chapter 4 because:

aAmount of income paid to recipients whose chapter 4 status established no withholding is required .

b

Amount of excluded nonfinancial payments

c

Amount of income paid with respect to grandfathered obligations

dAmount of income effectively connected with the conduct of a trade or business in the U.S. . . .

eTotal U.S. source FDAP income required to be reported under chapter 4 but not required to be

 

withheld upon under chapter 4 (add lines 2a–d)

3

Total U.S. source FDAP income reportable under chapter 4 (add lines 1 and 2e)

4

Total U.S. source FDAP income reported on all Forms 1042-S (from line 62a, (b)(1), and (b)(2)) . . .

5

Total variance, subtract line 3 from line 4; if amount other than zero, provide explanation on line 6 . .

6

 

 

 

 

 

 

 

1

2a

2b

2c

2d

2e

3

4

5

Section 3 Potential Section 871(m) Transactions

Check here if any payments (including gross proceeds) were made by the withholding agent under a potential section 871(m) transaction, including a notional principal contract or other derivatives contract that references (in whole or in part) a U.S. stock or other underlying security. See instructions . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Section 4 Dividend Equivalent Payments by a Qualified Derivatives Dealer (QDD)

Check here if any payments were made by a QDD . . . . . . . . . . . . . . . . . . . . . . . . . . .

If box is checked, you must:

(1)Attach Schedule Q (Form 1042). See instructions.

(2)Enter the EIN (not the QI-EIN) of the QDD

Form 1042 (2021)

How to Edit Form 1042 Online for Free

Having the purpose of allowing it to be as effortless to work with as it can be, we built this PDF editor. The entire process of filling up the tax withholding form irs is going to be straightforward when you follow the next actions.

Step 1: Choose the orange button "Get Form Here" on the website page.

Step 2: The file editing page is currently available. You can add text or change current content.

The next parts will make up the PDF template that you'll be filling out:

irs withholding tax form blanks to consider

Include the expected details in the Aug, Dec, Apr, bElectronically, bbcd, ThirdPartyDesignee, SignHere, YesCompletethefollowing, PersonalidentificationnumberPIN, Phoneno, Your, signature, and Date area.

Finishing irs withholding tax form part 2

Point out the most crucial information on the PaidPreparerUseOnly, Your, signature, PrintTypepreparersname, Preparerssignature, Date, FirmsnameFirmsaddress, Checkifselfemployed, PTIN, FirmsEINPhoneno, CatNoV, and Form segment.

step 3 to entering details in irs withholding tax form

Please include the rights and responsibilities of the sides in the Form, Page, cAdjustmentstowithholding, ComputationofTaxDueorOverpayment, Totalnettaxliability, ccde, abcde, and abab box.

part 4 to filling out irs withholding tax form

Terminate by checking the following areas and filling them in correspondingly: CreditonForm, Refund, abab, and abcd.

Completing irs withholding tax form step 5

Step 3: Click the Done button to save the document. Now it is obtainable for transfer to your electronic device.

Step 4: To prevent yourself from any kind of risks as time goes on, try to make at least several duplicates of the form.

Watch Form 1042 Video Instruction

If you believe this page is infringing on your copyright, please familiarize yourself with and follow our DMCA notice and takedown process - click here to proceed .