What is Schedule Q (Form 1042)?
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Last modified 3/6/2024 1:40:59 AM EST |
Added by TaxBandits Team
If the taxpayer, or any part of the taxpayer's branch, is a Qualified Derivatives Dealer (QDD), they must include a Schedule Q (Form 1042) with their Form 1042. This schedule provides details about the tax liability of each QDD. This Schedule is necessary even if a particular QDD has no tax liability. Schedule Q (Form 1042) replaces the previous need to attach a separate statement to Form 1042 for this purpose.
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Define-Qualified Derivatives Dealer (QDD) A Qualified Derivatives Dealer (QDD) is a main office or branch that qualifies and is approved for QDD status under a Qualified Intermediary Agreement (QIA). It must meet the requirements outlined in the QIA. |