TaxBandits Knowledge Base

Are there any penalties associated with Form 1042-S?

If you file Form 1042-S late, the IRS may charge penalties based on how late you submit it:

• Up to 30 days late: $60 per form (max $630,500 per year)
• 31 days late to August 1: $120 per form (max $1,891,500 per year)
• After August 1 or not filed: $310 per form (max $3,783,000 per year)
• Intentional disregard: $630 per form, with no maximum limit

To avoid penalties, file by March 17, 2025, or request an extension using Form 8809.