Get Answers Support Tax Filings & Payments Other Forms Form 1042-S What is Form 1042-S? Last modified 9/26/2023 7:22:25 AM EST Form 1042-S, ‘Foreign Person’s U.S. Source Income Subject to Withholding,’ is used to report certain types of income paid to foreign individuals, entities, or non-resident aliens that are subject to U.S. withholding tax. This includes, but is not limited to: Wages earned by non-resident employees Scholarships, grants, or fellowship payments Dividends, interest, and royalties Payments to foreign partners of U.S. partnerships U.S. withholding agents, such as businesses or institutions making these payments, must file Form 1042-S with the IRS and provide a copy to the recipient. The form helps ensure proper tax reporting and withholding compliance. Was this helpful? Yes No Related Questions Who Must File Form 1042-S? What information is required to file Form 1042-S? When is the due date to file Form 1042-S? Are there any penalties associated with Form 1042-S? Go to Home Page Need more help? Get in touch with our dedicated support team Contact Us (704) 684-4751 support@taxbandits.com Sign Up for a FREE TaxBandits Account! The Smart CPA Choice Register Now Already have an account? Sign in