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What is IRS Form 1042?

IRS Form 1042 is used to report a foreign person's income if it is sourced in the U.S. and is subject to withholding. Usecase: Payers use this form to report payments to foreign persons.

When would you need to file a 1042 ?

  • 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.
  • Any PTP or nominee making a distribution of ECI under section 1446, or any entity required to report a distribution on Form 1042-S that is subject to withholding under section 1445, must file Form 1042.

  • For more, visit www.irs.gov

1042 Deadline and Important Dates

Filing Type Due Date
Recipient Copy Mar 15, 2024
IRS Paper Filing Mar 15, 2024

1042 eFile Service Pricing

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# of Forms 1-100 101-1K 1K+
Pricing Tier $ 5.00 / Form $ 3.50 / Form $ 1.99 / Form

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