Rialto California online Form Instruction 1042-S 2024-2025

Rialto California online Form Instruction 1042-S: What You Should Know

Note this form can't be used in conjunction with a nonresident foreign financial institution's Form 5329-SF, “Certificate of Foreign Bank or Financial Institution.” In Box 5, type “other source income” for the type of tax withheld, e.g., “nonresident alien sales” or other similar terms. Box 5 (and any other boxes with same information as box 5) must be completed in addition to those shown in Box 1 in the current return. (In other words: box 5 can be completed even if an individual's non-resident income from sources within the U.S. is not taxed at the 28% withholding rate.) When completing Box 5 and any other boxes for which boxes 1 through 4 do not apply, the amount of nonresident taxes to be withheld from the individual's taxable income will be estimated (using either Form W-4EZ (2106A) or Form W-4I (2453)). Note: The following individuals would have their federal income tax withheld from their wages based on their foreign source income: An individual who is nonresident as discussed in boxes 4, 5, 6, 7, 8 and 9 of Schedule E or their spouses, estates, or trusts based on a foreign residence described in Form 8829. However, if this tax is paid on a Form 2555, the amount must be paid before the Form 1040 is filed. An individual with a foreign source income as discussed in boxes 2, 5, 6, 7, 8, 9 and 10 of Schedule E, and who is married, an individual with a foreign source income as discussed in box 5 of Schedule E, a married individual who has a foreign source income as discussed in box 2, or a married individual with a foreign source income as discussed in box 4 of Schedule E, is subject to withholding only if the individual has income described in subsection (a) of section 62(y) of the Tax Reform Act of 1986. Section 6050R of the Tax Reform Act of 1986, which became effective for taxable years beginning after December 31, 2017, also applies to many other nonresident individuals. When the “other source income” box is not indicated in Box 4, the individual is not subject to withholding. A separate form for withholding foreign person's income is not required, however, the individual is still subject to any other IRS regulations. For more information on the withholding requirements, go to IRS.gov and click on Form 1040.

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