ID Form Instruction 1042-S 2023-2024

ID Form Instruction 1042-S: What You Should Know

A 1042-S-EZ is a copy of Form 1042-S given to a taxpayer who files a Form 1116-T and whose employment status is “federal officer, employee, or consultant of the U.S. government.” 1043. Information Return. 1. If an individual or entity paid foreign income to a foreign person, enter the following information, as appropriate for the payee, in box 1 of Form 1042-S: The name and address of the paying agent; 2. For information regarding the payee for an individual and entity, report both that person's name and the payer's name and address. You will need to determine the payer by including the payee's tax identification number, (TIN) (e.g., an individual's tax identification number (TIN), a public utility's TIN, or a business' TIN); 3. For information, enter the tax year of the foreign person; 4. If a foreign person that is, or was, paid by a U.S. payer, enter the payer's name and address. (Note: If there was more than one payer, use the information in the most recent Form 1040 or Form 1040A and follow the instructions at paragraph 5.) 5. For information, enter the payee's name and TIN in Box 11, Column 1. If a U.S. mayor uses a foreign TIN to identify a payee, that information should also appear in Column 1. 6. Enter the amount of non-refundable foreign income tax withheld and non-deductible U.S. income taxes assessed on the payee's worldwide income (but not for income paid to a foreign person). If you do not know the total amount withheld on the payee's worldwide income, use Column 2 of Schedule D. 7. If the payee does not receive U.S. source income tax exemptions, report the payee's tax identification number (TIN) and place in Box 11, Column 2. If a payee does not receive U.S. source income tax exemptions, enter on Form 1040, line 15(b) the gross income reported by the payer. 8. If a payee of the payer is a U.S. person, check off the appropriate box to indicate the U.S. person is a U.S.

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