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Form 1042-S reports payments and amounts withheld under the provisions commonly known as FATCA or chapter 4 of the Internal Revenue Code (chapter 4) in addition to those amounts required to be reported under chapter 3 of the Internal Revenue Code (chapter 3).
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.
Look at one of your 2021 pay stubs*. Under the taxes area, if you are getting a 1042-S will see Fed 1042 as shown to the right. Look at your 2021 W-2. If the amount in box 1, Wages, tips, other compensation is less than the amount in box 16, State wages, tips, etc. then you definitely have a 1042-S for wages.
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.
The main difference between forms 1042 and 1042-S is that form 1042-S is concerned with payments made to foreign persons, while form 1042 is concerned with determining how much income will be withheld for tax withholding purposes.
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Use Form 1042-S to report: Income and amounts withheld as described in the Instructions for Form 1042-S. Specified Federal procurement payments paid to foreign persons that are subject to withholding under section 5000C. Distributions of effectively connected income by a publicly traded partnership or nominee.
The IRS now provides taxpayers the ability to file Form 1042, Annual Withholding Tax Return for U.S. Source Income of Foreign Persons, via modernized e-file (MeF).
Form 1042, Annual Withholding Tax Return for U.S. Source Income of Foreign Persons, is used to report tax withheld on the income of foreign persons. Therefore, Form 1042 is concerned with how much income will be withheld for tax purposes, and Form 1042-S is only concerned with payments made to foreign persons.