What information does a foreign intermediary need to report?

A foreign intermediary needs to report the recipient's name, address, country of residence, chapter 3 status code, chapter 4 status code (if applicable), foreign tax identification number, and any state income taxes withheld.

What is the difference between a withholding agent and an intermediary?

A withholding agent is an entity that pays interest, dividends, or royalties to foreign beneficial owners. An intermediary, on the other hand, is an entity that acts as a conduit for income paid to a foreign beneficial owner, such as a custodial parent or a partnership.

What is a foreign tax identification number (FTIN)?

A foreign tax identification number (FTIN) refers to the identification number assigned by a foreign country to its residents for tax purposes. It is required when filing Form 1042-S, as it helps in determining whether any double taxation treaty benefits are applicable.

What is a chapter 4 status code?

A chapter 4 status code refers to a two-digit code that indicates the recipient's classification under section 1441(b) of the Internal Revenue Code. This code helps in determining the correct amount of withholding tax for nonresident alien individuals who receive income not effectively connected with the conduct of a trade or business within the United States.

What is a chapter 3 status code?

A chapter 3 status code refers to a two-digit code that indicates the recipient's classification under section 1441(a) of the Internal Revenue Code. This code helps in determining the correct amount of withholding tax for nonresident alien individuals who receive income effectively connected with the conduct of a trade or business within the United States.

Form 1042-S, Annual Withholding Tax Report for Nonresident Alien Individuals, is a form used by nonresident alien individuals to report income effectively connected with the conduct of a trade or business in the United States. It must be filed annually by U.S. corporate withholding agents that have paid interest, dividends, or royalties to foreign beneficial owners. The form is used to report information regarding the payments made, the recipient's country of residence, and any tax treaty benefits claimed.

What is a Global Intermediary Identification Number (GIIN)?

A Global Intermediary Identification Number (GIIN) is a unique identification number assigned by the Internal Revenue Service (IRS) to foreign financial institutions, such as banks and brokerage firms. It helps in determining the correct amount of withholding tax for nonresident alien individuals who receive income from these intermediaries.

What information does a U.S. withholding agent need to report?

A U.S. withholding agent needs to report the recipient's name, address, country of residence, chapter 3 status code, chapter 4 status code (if applicable), foreign tax identification number, and any state income taxes withheld.

Form 1042-S

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Foreign Person's U.S. Source Income Subject to Withholding

Rev. 2024

The provided table outlines the required information to be reported on Form 1042-S for nonresident alien individuals, estates, trusts, partnerships, corporations, and other entities receiving US source income. It includes columns for recipient's name, tax identification number (TIN), GIIN, address, type of entity, income type, withholding agent information, and various codes indicating the recipient and withholding agent statuses under FATCA and relevant treaty articles.

Instructions

Form 1042-S Instructions - Instructions for Form 1042-S, Foreign Person's U.S. Source Income Subject to Withholding

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FAQ

What information does a foreign intermediary need to report?
A foreign intermediary needs to report the recipient's name, address, country of residence, chapter 3 status code, chapter 4 status code (if applicable), foreign tax identification number, and any state income taxes withheld.
What is the difference between a withholding agent and an intermediary?
A withholding agent is an entity that pays interest, dividends, or royalties to foreign beneficial owners. An intermediary, on the other hand, is an entity that acts as a conduit for income paid to a foreign beneficial owner, such as a custodial parent or a partnership.
What is a foreign tax identification number (FTIN)?
A foreign tax identification number (FTIN) refers to the identification number assigned by a foreign country to its residents for tax purposes. It is required when filing Form 1042-S, as it helps in determining whether any double taxation treaty benefits are applicable.
What is a chapter 4 status code?
A chapter 4 status code refers to a two-digit code that indicates the recipient's classification under section 1441(b) of the Internal Revenue Code. This code helps in determining the correct amount of withholding tax for nonresident alien individuals who receive income not effectively connected with the conduct of a trade or business within the United States.
What is a chapter 3 status code?
A chapter 3 status code refers to a two-digit code that indicates the recipient's classification under section 1441(a) of the Internal Revenue Code. This code helps in determining the correct amount of withholding tax for nonresident alien individuals who receive income effectively connected with the conduct of a trade or business within the United States.
What is Form 1042-S?
Form 1042-S, Annual Withholding Tax Report for Nonresident Alien Individuals, is a form used by nonresident alien individuals to report income effectively connected with the conduct of a trade or business in the United States. It must be filed annually by U.S. corporate withholding agents that have paid interest, dividends, or royalties to foreign beneficial owners. The form is used to report information regarding the payments made, the recipient's country of residence, and any tax treaty benefits claimed.
What is a Global Intermediary Identification Number (GIIN)?
A Global Intermediary Identification Number (GIIN) is a unique identification number assigned by the Internal Revenue Service (IRS) to foreign financial institutions, such as banks and brokerage firms. It helps in determining the correct amount of withholding tax for nonresident alien individuals who receive income from these intermediaries.
What information does a U.S. withholding agent need to report?
A U.S. withholding agent needs to report the recipient's name, address, country of residence, chapter 3 status code, chapter 4 status code (if applicable), foreign tax identification number, and any state income taxes withheld.

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Tax forms

Form 1042-S is one of Tax forms that are documents used to report income, deductions, and tax liability to the relevant tax authority. These forms are an essential part of the tax filing process and are used to ensure individuals and businesses comply with tax laws and accurately calculate their tax obligations.

The specific tax forms required can vary depending on factors such as an individual's filing status, sources of income, and the country's tax laws. However, here are some common types of tax forms:

Individual Income Tax Forms: These forms, such as the 1040 series in the United States, are used by individuals to report their income, claim deductions and credits, and calculate their tax liability.

Business Tax Forms: Businesses, including sole proprietorships, partnerships, corporations, and self-employed individuals, may have to file various forms to report their income, expenses, and taxes owed. Examples include Schedule C (Profit or Loss from Business) and Form 1120 (U.S. Corporation Income Tax Return).

Employment Tax Forms: Employers are required to report employee wages and withhold and remit payroll taxes. Forms such as W-2 (Wage and Tax Statement) and 941 (Employer's Quarterly Federal Tax Return) are used for this purpose.

Investment and Retirement Account Forms: These forms are used to report investment income, capital gains, and losses, as well as contributions and distributions from retirement accounts. Examples include Form 1099-DIV (Dividends and Distributions) and Form 5498 (IRA Contribution Information).

Estate and Gift Tax Forms: When a person passes away or makes significant gifts, specific forms such as Form 706 (United States Estate (and Generation-Skipping Transfer) Tax Return) and Form 709 (United States Gift (and Generation-Skipping Transfer) Tax Return) are used to report and calculate any applicable estate or gift taxes.

It is important to note that tax laws and forms can change over time, so individuals and businesses should consult the relevant tax authority or seek professional tax advice to ensure compliance with the current requirements.

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