2012 1042 form-2025

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Every withholding agent or intermediary who receives, controls, has custody of, disposes of, or pays a withholdable payment (to which chapter 4 withholding applies) or an amount subject to withholding, must file an annual return for the preceding calendar year on Form 1042 unless an exception to filing applies.
Section 1042(a) provides that a taxpayer or executor may elect in certain cases not to recognize long-term capital gain on the sale of qualified securities to an employee stock ownership plan (as defined in section 4975(e)(7)) or eligible worker- Page 2 -2- owned cooperative if the taxpayer purchases qualified
Use Form 1042 to report the following: The tax withheld under chapter 3 on certain income of foreign persons, including nonresident aliens, foreign partnerships, foreign corporations, foreign estates, and foreign trusts. The tax withheld under chapter 4 on withholdable payments.
Additionally, if you are a non-resident alien or a foreign corporation receiving income from U.S. sources, you may also receive a Form 1042-S from the withholding agent.
Download your 1099 or 1042S tax form in your Social Security account. If you live outside the United States and cant access your form online, contact a Federal Benefits Unit for help.
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Go to .irs.gov/Form1042 for instructions and the latest information.
If you are a non-resident alien and received a Form 1042-S, you generally need to report the income on your U.S. tax return. However, if the income is exempt from U.S. tax under a tax treaty, you may not need to report it.

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