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When is the Due Date to Deposit Form 1042 Tax Payments?
The due date for depositing Form 1042 tax payments depends on the amount of tax withheld. The deposit frequency is determined as follows:
| Deposit Condition | Deposit Due Date |
|---|---|
| Undeposited taxes are $2,000 or more at the end of a quarter-monthly period (7th, 15th, 22nd, and last day of the month) | Deposit required within 3 business days |
| Undeposited taxes are at least $200 but less than $2,000 at the end of a month. |
Deposit required within 15 days |
| Undeposited taxes are < $200 at the end of the calendar year (December) |
March 17, 2025 (Either deposit or remit with Form 1042) |
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The IRS requires all depository tax payments to be made electronically through EFTPS, and failing to do so may result in a 10% penalty. With TaxBandits, you can easily make your deposits using EFTPS, ensuring compliance and
avoiding penalties.
For deposits made by EFTPS to be on time, you must submit the deposit by 8 p.m. ET the day before the
due date.
Is There an Extension Available for Form 1042 Deadline?
Yes! If you need more time to file your 1042 forms, you can request an extension from the IRS using Form 7004. This extension is automatic, which means the IRS doesn’t require you to provide any explanation for requesting more time. Upon acceptance of 7004, you’ll granted a 6-month extension, and the extended due date will be September 15th, provided that Form 7004 is filed on or before the original due date of March 15th.
However, it's important to note that this extension applies only to the filing deadline - any taxes owed must still be paid by March 15th to avoid penalties and interest.
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