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IRS.gov Website
Instructions for Form 1042-S
taxmap/instr2/i1042s-001.htm#en_us_publink100024158

taxmap/instr2/i1042s-001.htm#TXMP078adca7
Reminders(p2)

rule
taxmap/instr2/i1042s-001.htm#en_us_publink100024159
taxmap/instr2/i1042s-001.htm#TXMP0a8b2f6a
Foreign Account Tax Compliance Act (FATCA).(p2)
rule
Beginning in 2014, the Form 1042-S was modified to accommodate reporting of payments and amounts withheld under the provisions commonly known as FATCA or Chapter 4 of the Internal Revenue Code (chapter 4) in addition to those amounts required to be reported under Chapter 3 of the Internal Revenue Code (chapter 3). Form 1042-S requires the reporting of an applicable exemption to the extent withholding under chapter 4 did not apply to a payment of U.S source fixed or determinable annual or periodical (FDAP) income (including deposit interest) that is reportable on Form 1042-S. When a U.S. financial institution or U.S branch of a foreign financial institution reports a payment made to its financial account, Form 1042-S also requires the reporting of additional information about a recipient of the payment, such as the recipient's account number, date of birth, and foreign taxpayer identification number, if any. See Account-by-Account Reporting by Certain Financial Institutions, later. For withholding agents, intermediaries, flow-through entities, and recipients, Form 1042-S requires that the chapter 3 status (or classification) and, when the payment reported is a withholdable payment, the chapter 4 status be reported on the form according to codes provided in these instructions. For the requirement of a withholding agent to file a Form 1042-S for chapter 4 purposes, see Regulations section 1.1474-1(d).
taxmap/instr2/i1042s-001.htm#en_us_publink100013058
taxmap/instr2/i1042s-001.htm#TXMP3c50610c
Electronic filing requirement for financial institutions.(p2)
rule
Beginning January 1, 2014, financial institutions that are required to report payments made under chapter 3 or 4 must electronically file Forms 1042-S (regardless of the number of forms to file). See the instructions under Electronic Reporting, later.
taxmap/instr2/i1042s-001.htm#en_us_publink100013060
taxmap/instr2/i1042s-001.htm#TXMP65d61aac
Specified Federal procurement payments.(p2)
rule
Specified Federal procurement payments (described under section 5000C(b)) paid to foreign persons that are subject to withholding under section 5000C must be reported on Form 1042-S. For more information, see Specified Federal Procurement Payments Made to Foreign Persons, later.
taxmap/instr2/i1042s-001.htm#en_us_publink100013062
taxmap/instr2/i1042s-001.htm#TXMP1f66e2f5
Interest on deposits.(p2)
rule
Beginning January 1, 2013, deposit interest described in section 871(i)(2)(A) aggregating $10 or more paid to certain nonresident alien individuals with respect to a deposit maintained at an office within the United States and held by a resident of certain countries must be reported on Form 1042-S. For more information, see Interest on deposits, later.
taxmap/instr2/i1042s-001.htm#en_us_publink100024161
taxmap/instr2/i1042s-001.htm#TXMP44592b6e
FIRE System.(p2)
rule
For files submitted on the FIRE System, it is the responsibility of the filer to check the status within 5 business days to verify the results of the transmission. The IRS will not mail error reports for files that are bad.