2025 Form 1042-S Foreign Person's U S Source Income Subject to Withholding

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The document is Form 1042-S, which reports U.S. source income subject to withholding for foreign persons. It includes details on income types, tax rates, exemptions, and withholding information required by the IRS for nonresident aliens and foreign entities receiving U.S. income. The form is essential for compliance with U.S. tax regulations regarding foreign income.

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Should I attach 1042-S to my tax return?

You must file a Form 1042-S even if you did not withhold tax under chapter 3 because the income was exempt from tax under a U.S. tax treaty or the Internal Revenue Code, including the exemption for income that is effectively connected with the conduct of a trade or business in the United States, or you released the tax

Where do I enter 1042-S in TurboTax?

Yes, here is how to file a 1042-S using Turbo Tax. Log into your account. Select Wages and income Less Common income. Miscellaneous Income, 1099-A, 1099start. Scroll to the bottom of the page to Other Reportable Income. Other taxable income, answer yes. Then give a brief description of the income and the amount listed.

Where to enter 1042-S on 1040?

Where to enter this 1042-S? With your return open. Click on Deductions Credits. Click Show more to the right of Estimates and Other Taxes Paid. Click on Income Taxes Paid. Scroll down to Other Income Taxes Paid in 2021. Click on Withholding not already entered on a W-2 or 1099.

Is foreign source income subject to withholding?

Amounts subject to reporting on Form 1042, Annual Withholding Tax Return for U.S. Source Income of Foreign Persons, are amounts paid to foreign persons (including persons presumed to be foreign) that are subject to withholding, even if no amount is deducted and withheld from the payment.

Who is responsible for withholding tax on payments of US source income to foreign persons?

A withholding agent is responsible to withhold tax on payments of U.S. sourced, FDAP income to foreign persons and to make deposits of such tax to the U.S. Treasury absent an applicable exclusion provided by the Code or an applicable income tax treaty.

1042

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Can I ignore 1042-S?

Failure to file or late or incorrect filing of Form 1042-S with IRS. A penalty may be imposed for failure to file each correct and complete Form 1042-S when due (including extensions), unless you can show that the failure was due to reasonable cause and not willful neglect. Refer to Exhibit 20.1.

Do I need to include 1042-S on my tax return?

A separate Form 1042-S is required for: Each recipient regardless of whether or not you withheld tax. Each type of income that you paid to the same recipient. Each tax rate (if you withheld at more than one tax rate) of a specific type of income that you paid to the same recipient.

Are foreign persons subject to backup withholding?

Generally, backup withholding applies only to U.S. citizens and resident aliens, and not to nonresident aliens (NRA).

2025 Form 1042-S Foreign Person's U S Source Income Subject to Withholding

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Got questions?

Should I attach 1042-S to my tax return?

Where do I enter 1042-S in TurboTax?

Where to enter 1042-S on 1040?

Is foreign source income subject to withholding?

Who is responsible for withholding tax on payments of US source income to foreign persons?

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Can I ignore 1042-S?

Do I need to include 1042-S on my tax return?

Are foreign persons subject to backup withholding?

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