What is Form 1042-T?
Form 1042 T, officially titled Annual Summary and Transmittal of Forms 1042-S, is a form issued by the IRS to allow taxpayers to summarize and transmit their 1042-S forms, Foreign Person’s U.S. Source Income Subject Withholding, within a single page, relaying the necessary information about the form for review of the IRS.
The IRS Form 1042-T is a part of a series of forms that are meant to be used to deal with taxes that deal with payments to foreign entities, including non-resident aliens, foreign estates, and foreign trusts. However, unlike Form 1042, Annual Withholding Tax Return for U.S. Source Income of Foreign Persons that can be filed by itself, Form 1042-T must always be filed with Form 1042-S and vice versa.
The IRS Form 1042-T is required to be filed along with 1042-S forms. This means that every time a 1042-S form is filed, it must be filed with IRS Form 1042-T to transmit form 1042-S properly. Several 1042-S forms can be grouped under one 1042 T form, however, different types of 1042-S forms require separate 1042 T forms.
In addition, these files should only be submitted to the IRS and not to the foreign or alien entity that the 1042-S form is for.
How to file Form 1042-T?
The IRS Form 1042 T must be filled out and filed by the withholding agent.
To file Form 1042-T (and Copy A of the paper Forms 1042-S being transmitted), it must be sent through the mail and must not be folded in mailing. Furthermore, do not staple the 1042 T form to any other document.
These documents must be filed on the 15th of March of the next calendar year addressed to Ogden Service Center, P.O. BOX 409101, Ogden, UT 84409.
The IRS also advises you to not use Form 1042-T when you are filing 1042-S forms electronically. For this, refer to the instructions given specifically in Form 1042-S.
How to fill out Form 1042-T?
You can acquire a printable PDF version of the 1042 T form for download on the official IRS government website. You may also fill out the document electronically on PDFRun.
Name of Withholding Agent
Write the complete name of your withholding agent, as it appears in the transmitted forms.
Ch. 4 Status Code
Input your withholding agent’s Chapter 4 Status code as it appears in the transmitted forms.
Chapter 4, under the Internal Revenue Code (IRC), applies to payments made by the payee to Foreign Financial Entities.
Ch. 3 Status Code
Input your withholding agent’s Chapter 3 Status Code as it appears in the transmitted forms.
Chapter 3, under the IRC, applies to payments that are made to a foreign person.
Employer Identification Number
Write your withholding agent’s EIN.
Number, Street, and room or suite no.
Write the full mailing address of your withholding agent.
City or town, state or province, country, and ZIP or foreign postal code
Continue the entirety of your withholding agent’s address here.
Line 1 - Type of Forms 1042-S attached
Here is where you give preliminary information about the 1042-S forms being transmitted.
Withholding agents cannot file 1042-T transmitting both Chapter 3 and Chapter 4 1042-S forms. Thus, indicate what Chapter the transmitted 1042-S forms are assigned by writing the corresponding number:
- 3 - if it is under Chapter 3 — which deals with payments made to a foreign person.
- 4 - if it is under Chapter 4 — which deals with payments made to Foreign Financial Institutions.
Indicate whether or not the 1042-S forms that are being transmitted are the original versions of the amended versions by checking the appropriate box.
If the attached 1042-S forms are under “pro-rata” reporting, check this box. Otherwise, leave it blank.
You can find out if your forms are pro-rata or not by checking Line 15 on the 1042-S; as your withholding agent is the one to decide whether or not it is so.
Write the number of 1042-S forms that are attached to this 1042-T form.
If you are a partnership that is reporting withholding concerning a foreign partner’s shares, check this box. Otherwise, leave it blank.
To properly check this box, the related 1042-S form must have Line 7c be checked as well.
Types of 1042-S Forms
With the given lines above, there are sixteen types of 1042-S files (listed below) that can be identified and each one requires a different 1042-T form. However, similar 1042-S can be grouped in one 1042-T form.
- Chapter 4, original, prorata
- Chapter 4, original, non-prorata
- Chapter 4, amended, pro-rata
- Chapter 4, amended, non-prorata
- Chapter 4, original, prorata, partnership
- Chapter 4, original, non-prorata, partnership
- Chapter 4, amended, prorata, partnership
- Chapter 4, amended, non-prorata, partnership
- Chapter 3, original, prorata
- Chapter 3, original, non-prorata
- Chapter 3, amended, prorata
- Chapter 3, amended non-prorata
- Chapter 3, original, prorata, partnership
- Chapter 3, original, non-prorata, partnership
- Chapter 3, amended, prorata, partnership
- Chapter 3, amended, non-prorata, partnership
Input the total gross income of all the attached 1042-S forms. You can find the gross incomes of your 1042-S at Line 2 of the form.
Line 3 Total Federal Tax on all paper Forms 1042 attached
Here is where you input the federal tax of all the related forms. Fill out 3a or 3b but do not fill out both.
Input the total federal tax of the forms here if they are under Chapter 4.
Input the total federal tax of the forms here if they are under Chapter 3.
If you have already filed Form 1042, Annual Withholding Tax Return for U.S. Source Income of Foreign Persons, and the attached 1042-S forms would cause the gross income and tax withheld information of the filed 1042 form to change, you must then file an amended version of the 1042 form.
If this is your FINAL return…
If you will not be required to file any more 1042-S forms after the files related to this form 1042-T, then mark the box with an “X”.
Affix your signature here.
Input your official title.
Input the date of signing.
Daytime phone number
Input your business telephone number.