1042-s Form

1042-s 2024 Form: What You Should Know

A) Gross incomes not determined by gross income code in a foreign country that are subject to tax in the United States at a rate of more than 30% of the gross income, (b) Amounts paid to nonresidents who are deemed eligible to receive an allowance or exemption from withholding provided by an organization of which the nonresident is a member, or (c) Amounts paid to nonresidents whose spouses and dependent children have not been citizens for at least 10 years are subject to withholding at a rate equal to 30% of the amount, which shall not be reduced by any treaty or other law between the United States and such nonresident and the nonresident's spouse, unless the income and withholding allowances or exemptions are limited to amounts paid to such nonresidents in any calendar year. 2 (1) Except as provided by paragraph (2), this section applies to income of a resident who is a nonresident alien who lives or is present outside the United States during the period ending with the due date (including extensions) of his most recent foreign filing status return filed under section 6049U with respect to such United States source income, except that for a foreign resident who has been granted a waiver or exemption from the payment of any United States tax imposed on that income, or any branch tax of the Internal Revenue Code, section 901, or any additional Medicare tax on the income, this section shall not apply to income of such resident for such period of time. (2) Where a foreign source income tax is imposed on a resident under section 901 of title 26 (relating to foreign source income tax) or a section 162(f) (relating to surtax on dividends) (or any predecessor thereof), this section shall not apply to such resident for any period during which an equivalent amount of the United States earned income taxes is withheld at a rate of 30% from such resident's income with respect to such income. (3) For purposes of this section, a nonresident alien who lives or is present outside the United States during any period shall be considered to meet the conditions of this paragraph solely for purposes of determining whether a foreign source income tax was imposed on the resident under section 901, or section 877, or any successor provisions of the Internal Revenue Code, section 901 or 7805 of title 26 of the United States Code if the resident satisfies such conditions during such period.

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