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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Federal tax forms

Form 1042-S is one of Federal tax forms that are documents used to report and file federal income taxes with the Internal Revenue Service (IRS) in the United States. These forms are used by individuals, businesses, and organizations to report their income, deductions, and other relevant information necessary for calculating their federal tax liability.

The most commonly used federal tax form is the Form 1040, which is used by individual taxpayers to report their personal income tax. Other commonly used forms include the Form 1065 for partnerships, Form 1120 for corporations, and Form 990 for tax-exempt organizations.

Federal tax forms typically require taxpayers to report various sources of income, such as wages, salaries, and tips, as well as income from investments, rental properties, and other sources. The forms also allow taxpayers to claim deductions and credits for various expenses, such as charitable contributions, mortgage interest, and healthcare expenses.

It is important to file federal tax forms accurately and on time, as failure to do so can result in penalties and interest charges from the IRS.

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