TaxBandits Knowledge Base

What is IRS Form 1042-S?

Form 1042-S, also known as "Foreign Person’s U.S. Source Income Subject to Withholding,” for American institutions or enterprises that must report payments made to foreign individuals (including those thought to be foreign). 

This is applicable to non-resident aliens, foreign partnerships, foreign corporations, foreign estates, and foreign trusts that are subject to income tax withholding.