Irs Form 1042 T PDF Details

The Form 1042-T is an essential document for withholding agents tasked with reporting U.S. source income paid to foreign persons, encapsulating the annual summary and transmittal of Forms 1042-S. It ensures the Internal Revenue Service (IRS) receives accurate information about amounts withheld under the chapters 3 and 4 provisions. With requirements stringent on withholding agents, including the necessity to file separate forms for each type of payment and for each chapter under which withholding occurred, the process is meticulously detailed. Additionally, it prompts for careful indication of whether the submission is original or amended, and if it pertains to pro rata distribution of income – especially significant for partnerships reporting foreign partners’ shares. The form also embarks on cautioning agents about the consequences of amending previously submitted Forms 1042 and 1042-S, emphasizing adherence to deadlines and correct filing procedures. As deadlines loom, specifically March 15 following the reporting year, withholding agents must navigate through a multitude of boxes and instructions to ensure compliance. The urgency and precision in submitting this form correctly cannot be understated as it plays a crucial role in compliance with U.S. tax laws regarding foreign transactions.

QuestionAnswer
Form NameIrs Form 1042 T
Form Length2 pages
Fillable?No
Fillable fields0
Avg. time to fill out30 sec
Other namesFillable ..., 2020 Form IRS 1042-T Fill Online, Printable

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DO NOT STAPLE

Form 1042-T

 

Annual Summary and Transmittal of

 

OMB No. 1545-0096

 

 

 

 

 

 

 

Forms 1042-S

 

 

 

 

 

2021

Department of the Treasury

 

▶ Go to www.irs.gov/Form1042T for the latest information.

 

Internal Revenue Service

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Name of withholding agent

 

Ch. 4 Status Code

Employer identification number

 

 

 

Ch. 3 Status Code

 

 

Number, street, and room or suite no.

 

 

 

 

 

 

 

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

 

 

1Type of paper Forms 1042‐S attached:

a Choose only one:

Chapter 4 or Chapter 3 (enter 4 or 3)

b Check only one box:

Original

Amended

cCheck if pro rata ▶

dEnter the number of paper Forms 1042‐S attached ▶

e Check if you are a partnership reporting withholding that occurred in the subsequent year (see instructions) ▶

2 Total gross income reported on all paper Forms 1042-S (box 2) attached

$

3Total federal tax withheld on all paper Forms 1042-S attached:

a

Total federal tax withheld under Chapter 4

$

b

Total federal tax withheld under Chapter 3

$

Caution: If you have already filed a Form 1042 and an attached Form 1042-S causes the gross income or tax withheld information shown on your previously filed Form 1042 to change, you must file an amended Form 1042. See the instructions on page 2.

If this is your FINAL return, enter an “X” here (see instructions) ▶

Please return this entire page to the Internal Revenue Service.

 

Under penalties of perjury, I declare that I have examined this return and accompanying documents and, to the best of my knowledge and

Sign

belief, they are true, correct, and complete.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Here

Your signature

 

Title

 

Date

 

Daytime phone number

 

 

 

 

▲

 

 

 

 

 

 

 

For more information and the Privacy Act and Paperwork Reduction Act Notice, see Form 1042-S.

Cat. No. 28848W

Form 1042-T (2021)

Form 1042-T (2021)

Page 2

 

 

Instructions

Future Developments

For the latest information about developments related to Form 1042-T and its instructions, such as legislation enacted after they were published, go to www.irs.gov/Form1042T.

Purpose of Form

Use this form to transmit paper Forms 1042-S, Foreign Person’s U.S. Source Income Subject to Withholding, to the Internal Revenue Service. Use a separate Form 1042-T to transmit each type of Form 1042-S (see the instructions for line 1 below).

▲Do not use Form 1042-T if you submit Forms 1042-S ! electronically. See the instructions for Form 1042-S

for the electronic filing requirements for Form 1042-S.

CAUTION

Filing Forms 1042 and 1042-S

Use of this form to transmit paper Forms 1042-S does not affect your obligation to file Form 1042, Annual Withholding Tax Return for U.S. Source Income of Foreign Persons.

If you have not yet filed a Form 1042 for 2021, you may send in more than one Form 1042-T to submit paper Forms 1042-S prior to filing your Form 1042. You may submit amended Forms 1042-S even though changes reflect differences in gross income and tax withheld information of Forms 1042-S previously submitted with a Form 1042-T.

If you have already filed a Form 1042 for 2021 and an attached Form 1042-S caused the gross income or tax withheld information previously reported on line 62c or 63e of your Form 1042 to change, you must file an amended Form 1042.

Where and When To File

File Form 1042-T (and Copy A of the paper Forms 1042-S being transmitted) with the Ogden Service Center, P.O. Box 409101, Ogden, UT 84409, by March 15, 2022. Send the forms in a flat mailing (not folded).

Line Instructions

Identifying information at top of form. The name, address, EIN, and chapter 4 and chapter 3 status codes of the withholding agent named on this form must be the same as those you enter on Forms 1042 and 1042-S. See the Instructions for Form 1042 for the definition of withholding agent. See the Instructions for Form 1042-S for the withholding agent codes for the chapter 4 and chapter 3 status codes. You must enter both a chapter 4 and a chapter 3 withholding agent status code regardless of the type of payment being made.

Line 1. You must file a separate Form 1042‐T for each type of paper Form 1042‐S you are transmitting.

Line 1a. Withholding agents are not permitted to file a single Form 1042‐T to transmit both chapter 4 and chapter 3 amounts. Withholding agents must indicate either chapter 4 or chapter 3 to designate the chapter for which they are filing a given Form 1042‐T. The chapter you designate on this form must be the same as that on all attached Forms 1042‐S. See Chapter indicator in the Form 1042‐S instructions for additional information.

Line 1b. Check either the Original or Amended box (but not both).

Line 1c. Check the box on this line 1c if you are filing pro rata Forms 1042‐S (see the Form 1042‐S instructions).

Line 1e. Check the box on line 1e if you are a partnership reporting withholding that occurred in the subsequent year with respect to a foreign partner’s share of undistributed income for the prior year. The attached Form(s) 1042-S should have the checkbox checked in box 7c.

As a result of the above rules, there are sixteen possible types of Form 1042‐S that may be transmitted, and each type requires a separate Form 1042‐T.

•Chapter 4, original, pro rata.

•Chapter 4, original, non‐pro rata.

•Chapter 4, amended, pro rata.

•Chapter 4, amended, non‐pro rata.

•Chapter 4, original, pro rata, partnership.

•Chapter 4, original, non-pro rata, partnership.

•Chapter 4, amended, pro rata, partnership.

•Chapter 4, amended, non-pro rata, partnership.

•Chapter 3, original, pro rata.

•Chapter 3, original, non‐pro rata.

•Chapter 3, amended, pro rata.

•Chapter 3, amended, non‐pro rata.

•Chapter 3, original, pro rata, partnership.

•Chapter 3, original, non-pro rata, partnership.

•Chapter 3, amended, pro rata, partnership.

•Chapter 3, amended, non-pro rata, partnership.

Each type must be transmitted with a separate Form 1042-T. For example, you must transmit only Chapter 3, original, pro rata Forms 1042-S with one Form 1042-T.

Line 2. Enter the total of the gross income amounts shown on the Forms 1042-S (box 2) being transmitted with this Form 1042-T.

Line 3. Enter the total of the federal tax withheld amounts shown on all Forms 1042-S (total of amounts reported in boxes 10 and 11) being transmitted with this Form 1042-T. On this Form 1042-T, complete either line 3a or line 3b, but not both. If you indicated “Chapter 4” on line 1a, complete line 3a to report the total amounts withheld pursuant to chapter 4. If you indicated “Chapter 3” on line 1a, complete line 3b to report the total amounts withheld pursuant to chapter 3.

Final return. If you will not be required to file additional Forms 1042-S, including amended Forms 1042-S for the 2021 year (on paper or electronically), enter an “X” in the FINAL return box.

Paperwork Reduction Act Notice. The time needed to complete and file this form will vary depending on individual circumstances. The estimated average time is 12 minutes.

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