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Form 1042-S Illinois: What You Should Know

Form 1042-S. Department of the Treasury. (a) Taxpayers who wish to determine their U.S. source income or pay withholding taxes should consult the Instructions for Form 2106, U.S. Individual Income Tax Return for Individuals With Certain Foreign Earnings, or contact the International Trade Administration (ITA) or IRS Taxpayer Assistance Center (TA-TA) at in your area. (b) Income tax withholding are established to ensure that no taxpayer's income will be taxed at a rate above the statutory rate (currently, only the corporate income tax is imposed at the top tax bracket of 31% [currently, that is, tax rates range from 9.35% to 28%]). The tax and withholding rates applied to each individual's income depend on the individual's filing status, gross income, marital status, etc. If income is to be reported to the ITA, please visit their website at to access the forms and instructions and to obtain a free copy of Form 1040, U.S. Individual Income Tax Returns and Form 1040EZ, U.S. Individual Income Tax Returns with Extensions. (c) A return may be filed for tax year in which a taxpayer's foreign source income was reported on Form 1042-S or any other return for which the taxpayer is required to file a statement of foreign tax law compliance. (d) Although they're not required to file Form 1042-S or Form 1040, taxpayers who are not required to file Form 1042-S but wish to report all of their income from foreign sources in such forms should do so by filling out the Form 114, U.S. Foreign Income and Tax Reporting Return, and attaching it to their return. This form should be submitted to the ITA for processing, if applicable. Information on this form is available at (e) An independent assessor is required by law to provide the taxpayer with a statement of assessment if the taxpayer's income or net asset value is 3,000 or more in any one year. See IRM 25.23.2.1, Assessment and Verification Procedures, and IRM 25.26.9.3, Additional Tax Information for Foreign Corporations.

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