1042-s lob code Form

1042-s lob code Form: What You Should Know

G. Dividends, interest) 14a — Self-Employment Income 15 — Social Security 16a — Medicare Income Taxes, and 17a — Workers Comp. Other Taxes 20a — Education Taxes Box 2: Type of Income — Enter the type of income being reported: 2a — Capital Gain Income (Capital Gain) (see 1045-A) 2b — Distributions (see 1045-B) 3 — Foreign Earned Income 4 — Foreign Tax Credit 5 — Income from a Qualified Retirement Plan 6 — Social Security Benefits 7 — Other (e.g. IRA) 8 — Wages and Self-Employment Taxes 9 — Other (e.g. Railroad Retirement, SSI, child Support) 6a — Unearned Income 10 — Earned Income Credit 10a — Federal Tax Savings 10b — State Tax Savings 10c — Local Tax Savings Box 3: LOB — This section of the form identifies the tax treatment of the income included in the total amount reported. The LOB is a unique number assigned to each taxpayer for each type of income. The first and most important LOB is the foreign source income, shown here as “Foreign income.” Each type of income that is reported on Form 1042-S is required to be reported in the first and most important LOB field. These must all be “Foreign income” for each income group specified on Form 1040 (Form 1040A). The second LOB (a.k.a. the source of the tax paid) is the income subject to income tax in the income group that is being computed by the Form 1042-S.  Example 10B: (a) (b) (c) Total 3 (3) 3 0 (3) 3 (3) 2 4 (4) 8 3 1 (4) 8 3 15 (4) 8 3 2/3 (4) 8 3 5 (4) 8 (a) This example presents tax information for a single taxpayer with no dependents.

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