MI Form Instruction 1042-S 2023-2024

MI Form Instruction 1042-S: What You Should Know

The Form 1042-S provides an individual's U.S. source income for the fiscal year and any state income taxes the individual is required to withhold. The foreign source income must be listed by U.S. taxpayer identification number. It is possible to determine whether information is itemized by foreign nationality while preparing the Form 1042-S. An employer may use the Form W-2 to determine whether an employee's pay is subject to U.S. withholding taxes. However, it may not be the tax preparer's responsibility to determine whether a Form W-2 identifies foreign nationality, and the Form 5471 may not adequately address that issue. Use the instructions and the tables and charts on page 3 of each case study to determine the year or years of foreign origin. If you are a resident alien, the table and charts and the section on Forms W-2 and 1040-ES are similar. The table and charts in the case study do not apply when a foreign national is not filing a U.S. tax return. A foreign national's income is reported on the tax return in Schedule A, along with any state and local taxes withheld for the individual. A Schedule A must-have the taxpayer's information for Schedule A (line 21). A foreign national is generally a resident of the foreign country. If the foreign national is a nonresident alien, you should report his or her earnings on his or her U.S. tax return, or the tax preparer may provide an additional identification number to the IRS on a Form 1040-NR or 1040NR-EZ. The separate section for this is found on page 13 of the Internal Revenue Manual. A nonresident alien may be subject to U.S. tax on earned income received if the taxpayer does not have a U.S. tax home. The Form 1040-NR and Forms 1040-ES are based on federal returns filed on your payroll that are filed on a particular date. The Form 1040-NR/1040-ES are based on your employment and pay records, and they are typically filed with a U.S. income tax return of the same year. You may have income on Form 1040-NR and/or Form 1040-ES that is reported for a foreign country but not reported on a U.S. income tax return.

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