The Deadline to File Form 1042-S is March 17, 2025. Start Filing Now!
E-File Form 1042-S Online
Easily prepare and file Form 1042-S online with our intuitive solution for reporting income paid to foreign persons subject to U.S. tax withholding.
Why Choose TaxBandits to E-file Form 1042-S?
- Quick, easy, and secure filing
- Deliver Recipient Copy via Postal Mail / Online access
- AI-based assistance & World-class customer support
Powerful PRO Features for Tax Professionals
- Bulk Upload Client Data Using CSV template
- Advanced Client & Team Management Tools
- Insightful Reports
Advanced Features That Make Your Form 1042-S Online Filing Easier
Experience fast, hassle-free, and compliant Form 1042-S filing with TaxBandits
Postal Mailing
Send 1042-S recipient copies via postal mail, track their status, and ensure timely receipt before the deadline.
Foreign Mailing
TaxBandits handles printing and securely mailing 1042-S forms to foreign recipients on your behalf.
Online Access
With BanditShare, your recipients get lifetime access to a secure online portal to view their forms anytime, anywhere.
Internal Audit Check
TaxBandits automatically audits your completed 1042-S forms for common errors and alerts you to correct any issues.
Supports 1042-S Corrections
Need to correct a previously filed Form 1042-S? Easily submit corrections electronically through TaxBandits.
Option to Request Extension
If you need additional time to file Form 1042-S, you can request an extension for up to 30 days by filing Form 8809.
Automatic 1042-T Generation
When you file 1042-S with TaxBandits, Form 1042-T is automatically generated for easy download and record-keeping.
World-Class Support
Get answers to your questions during the filing process! Our team is available to help via phone, email, and live chat
Form 1042-S electronic filing is made easier with our time-saving features.
Exclusive Pro Features Designed for Tax Professionals
Take your 1042-S tax filing process to the next level with TaxBandits cutting-edge features.
Standard CSV Template
Download our standard CSV template, enter the 1042-S details, and upload it back to TaxBandits.
Team Management
Invite your team to manage 1042-S filings collaboratively by assigning roles such as preparer, approver, and transmitter.
Client Management
Enhance your client management with BanditConnect. Provide a secure, customized portal for each client to track their filings.
Form 1042-S Electronic Filing Pricing
Easy, accurate, and secure 1042-S filing at the industry’s lowest pricing!
| Services | No. of Forms (per form pricing) | ||||||
|---|---|---|---|---|---|---|---|
| 1-10 | 11-100 | 101-250 | 251-500 | 501-1000 | 1001+ | ||
|
Form 1042-S |
$2.75 |
$1.75 |
$1.15 |
$1.00 |
$0.80 |
Contact Us for Bulk Pricing |
|
How to File 1042-S Online Using TaxBandits
Start your Form 1042-S e-filing today—sign up for a free TaxBandits account and follow these easy instructions.
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Step 1: Select Form 1042-S
Choose Form 1042-S and select the appropriate tax year.
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Step 2: Enter Form Information
Fill out your 1042-S form by entering the required information in the respective fields.
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Step 3: Review and Transmit
Ensure the entered information is correct. Once confirmed, pay and transmit it to the IRS.
Are you ready to begin Filing the 1042-S Form? File in minutes with TaxBandits
Watch how to E-file Form 1042-S
Information Required to File Form 1042-S Online
Gather the following essential details needed to file Form 1042-S online.
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1. Payer & Recipient Information
- Name, address, tax identification number, and GIIN number.
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2. Payment Information
- Total amount paid to a foreign person, classified by income code, along with the tax withheld from payments to nonresident aliens.
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3. Primary Withholding Agent Information
- Name and EIN (if applicable) - If you’re an intermediary or flow-through entity reporting amounts withheld by another agent.
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4. Intermediary or Flow-Through Entity Information
- Name, GIIN, EIN (if any), and Chapter 3 and Chapter 4 status codes - If you report amounts for Chapter 3 or Chapter 4, with Form W-8IMY provided by an intermediary or flow-through entity.
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5. State Withholding Information
- State income tax withheld.
Get Started with TaxBandits to E-File your 1042-S Online in minutes!
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Frequently Asked Questions on Form 1042-S Filing
What is Form 1042-S?
Form 1042-S, Foreign Person’s U.S. Source Income Subject to Withholding, reports U.S.-sourced income paid to foreign individuals or entities subject to withholding tax. This includes interest, dividends, and other taxable payments.
Get detailed information about IRS Form 1042-S.
Who must file Form 1042-S?
Form 1042-S is filed by withholding agents who paid U.S.-sourced income to foreign individuals or entities. This includes:
- Employers paying wages to nonresident aliens
- Financial institutions distributing interest, dividends, or royalties
- Universities awarding taxable scholarships or grants to foreign students
- Businesses making rental, licensing, or other payments to foreign persons
For more detailed information on this, click here.
What types of income are reported on Form 1042-S?
Form 1042-S reports various types of U.S.-sourced income paid to foreign individuals or entities. This includes:
- Interest
- Dividends
- Rents and royalties
- Scholarships and grants
- Compensation for services
- Pensions and annuities
- Gambling winnings
- Other fixed, determinable, annual, or periodic (FDAP) income
However, certain types of payments are exempt from reporting on 1042-S. Click here to learn more information about the payment exceptions.
What’s new in Form 1042-S for the 2024 Tax Year?
The following are the changes made by the IRS to Form 1042-S for 2024:
Reporting of distributions of publicly traded partnerships (PTPs)
The IRS instructions clarify that when reporting a distribution from a Publicly Traded Partnership (PTP) using income codes 27, 57, or 58, a withholding agent must include the PTP's information in the payer's box, including code 38.
However, this requirement does not apply when,
- The withholding agent pays a PTP distribution to a Qualified Intermediary (QI) when reporting to the QI reporting pools in Form 1042-S with respect to the distribution.
- QI reporting a PTP distribution using reporting pools.
Reporting of a GIIN
Until the 2023 tax year, if payment was classified with a Chapter 3 indicator in box 3, the withholding agent was not required to report the GIIN in boxes 12e, 13h, 15e, and 16c. This exception has now been removed. The withholding agent must now report the GIIN as required in the instructions for these boxes.
When is the deadline for filing Form 1042-S?
The Form 1042-S due date for the 2024 tax year is March 17, 2025. Missing the deadline or not requesting an extension may result in penalties. To learn more about this, click here.
If you file Form 1042-S late or fail to file, you may be subjected to penalties and interest.
Info: You may request an automatic 30-day extension by submitting Form 8809 before the original deadline.
What Is the Difference Between Form 1042 and 1042-S?
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Form 1042 is an annual tax return filed by withholding agents to report the total amount of tax that has been withheld on payments made to
foreign persons. - Form 1042-S reports the specific payments made to foreign persons, including income types (like interest, dividends, or royalties).
Get detailed information about Form 1042 and 1042-S.
Can I request an extension to furnish Form 1042-S to recipients?
Yes, you can request a one-time 30-day extension by submitting Form 15397. The form must be faxed to the IRS and received no later than the original due date for furnishing Form 1042-S to recipients. If approved, you will generally receive a maximum of 30-day extension to provide the recipient copies.
Helpful Resources to File Form 1042-S Online
What is Form 1042-S?
Form 1042-S Instructions
Form 1042-S Due Date
Form 1042-S Exemption Codes
Form 1042 and 1042-S
Form 1042-S Corrections
