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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ABOUT

Internal Revenue Service (IRS) Forms

Form 1042-S is one of the official tax forms used in the United States to report income, claim deductions and credits, calculate tax liability, and fulfill other tax-related obligations. The IRS is the federal agency responsible for administering and enforcing the internal revenue laws in the United States.

Here are some examples of Internal Revenue Service forms:

Form 1040: This is the primary individual income tax return form used by most taxpayers. It is used to report various types of income, claim deductions and credits, calculate tax liability, and determine whether a taxpayer owes additional tax or is entitled to a refund.

Form 1099: There are different variations of Form 1099, such as 1099-MISC, 1099-INT, 1099-DIV, etc. These forms are used to report income received by individuals or businesses from various sources other than employment, such as self-employment income, interest income, dividend income, and rental income.

Form W-2: This form is used by employers to report wages paid to employees and the taxes withheld from their pay. Employees use the information on Form W-2 to complete their individual tax returns.

Form 941: Employers use this form to report employment taxes, including federal income tax withheld, Social Security tax, and Medicare tax, for their employees.

Form 1065: This form is used by partnerships to report their income, deductions, and tax liability. Partnerships themselves do not pay income tax; instead, the partners report their share of partnership income on their individual tax returns.

Form 1120: This is the corporate income tax return form used by C corporations to report their income, deductions, and tax liability.

Form 990: This form is used by tax-exempt organizations, such as nonprofits and charities, to report their financial information, activities, and compliance with tax laws.

Form 8862: This form is used by taxpayers who previously claimed the Earned Income Tax Credit (EITC) but had it disallowed, and now want to claim it again.

These are just a few examples of the numerous IRS forms that exist to fulfill various tax-related obligations. The specific forms required for an individual or business depend on their unique circumstances, income sources, and deductions. It's advisable to consult the official website of the Internal Revenue Service (www.irs.gov) or seek professional tax advice to obtain accurate and up-to-date information regarding the specific IRS forms relevant to your tax situation.

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