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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.
Every withholding agent must file an information return, Form 1042-S, Foreign Persons U.S. Source Income Subject to Withholding, to report amounts paid to foreign persons that are described under Amounts Subject to NRA Withholding and Reporting, even if withholding is not required on the payments. Who Must File Form 1042-S, Foreign Persons U.S. Source Income - IRS irs.gov irs.gov
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. About Form 1042, Annual Withholding Tax Return for U.S. Source Income irs.gov irs.gov
Form 1042 is used for reporting withholding agents who have custody of, disposes of, or makes a payment subject to withholding for the preceding calendar year.
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.

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The IRS form W-2 is used to report annual taxable federal and state wages. Treaties for nonresident aliens (NRA) may exempt the employee from federal taxes. If you are a NRA and are exempt from federal taxes, then you will receive a form 1042-S.
A Form 1042-S is a year-end federal tax document given to a non-resident alien who received wages that were exempt from federal and state tax withholding by a tax treaty and/or received a non-qualified taxable scholarship.
IRS Forms 1099-INT and 1042-S We use Form 1099-INT to report this information for US taxpayers and members without a valid tax certification. For non-US taxpayers with a valid W-8BEN form, we use Form 1042-S.
When due. The Forms 1042, 1042-S and 1042-T must be filed by March 15 of the year following the calendar year in which the income subject to reporting was paid. If March 15 falls on a Saturday, Sunday, or legal holiday, the due date is the next business day.

2021 1042 form