Printable Form 1042-S High Point North Carolina 2025

Printable Form 1042-S High Point North Carolina: What You Should Know

Form 1042-S — Reports to the US Department of Finance Form 1042-S — Forms and Publications (PDF) is used to report certain amounts paid to foreign persons reported on Schedule A Form 8832, “Foreign Itemized Deductions”. This form also  supports filing a tax return using the Electronic Federal Tax Filing System (EFFS). The IRS issued a Statement of Reasons (BORN) to remove withholding on all Form 1042-S returns which are no longer allowed to be filed with electronic filing. Forms 1042-S and W-2G(E) are similar and are used to report and withdraw an amount from withholding for an individual (or spouse) that is subject to withholding under the United States withholding laws. Both are only applicable to non-US persons who received non-electronic Forms 1041 and 1042 (that have not already used paper Form 1040 and Form 1045-N). If an amount is not shown on W-2G(E) (for example, because the individual is retired), it may not appear on Schedule A (or on any information reporting return under the non-electronic code 1042-S) but may still be required to be reported on another record. Filing a joint return and/or paying an amount reported as a foreign source for purposes of withholding tax and filing of a US tax return will also generally result in the filing of a US tax return (with respect to the same amount or any amount withdrawn) and/or payment of tax. Form 1042-S may also be used where the IRS believes withholding should not be imposed and where the US filing of a US return with respect to the withheld amount would result in an understatement of tax. Forms 1040A, 1040(A), and 1040EZ: Forms Required to Be Filed By U.S. Persons Not Subject to Withholding Forms 1042-S and W-2G (both required for Forms 1042-S and W-2G filed after Dec. 4, 2014) are required to be filed by United States individuals (and/or spouses) who do not have foreign source income that is subject to income tax under U.S. law.

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