BanditAI
The Bandit Commitment
Ensuring the right outcome for every 1042-S you file.
With TaxBandits, 1042-S filing goes beyond just submission. We focus on accuracy, compliance, the right outcome, and peace of mind for every filing.
The Bandit Commitment defines how TaxBandits approaches compliance: preventing errors before filing, supporting corrections & retransmissions when needed, and standing accountable through acceptance and beyond.
Getting the right data in
Compliance begins with clean, validated recipient and withholding data—well before your 1042-S is transmitted.
Guided, end-to-end compliance
End-to-end guidance for accurate filing. Federal submission, recipient copy distribution, and ongoing compliance—all handled together.
No Cost Corrections & Retransmissions
Corrections and retransmissions for your 1042-S are included with your filing fee.
Money-back guarantee
If a 1042-S is not accepted or is a duplicate, the filing fee may be refunded.
File Form 1042-S Online with Ease — Save Time and Stay Compliant
TaxBandits provides an easier way to file 1042-S online with time-saving features and built-in accuracy checks
-
W-8 Collection Made Simple
Withholding agents can collect, manage, and validate the W-8 forms (W-8BEN, W-8BEN-E, W-8ECI, W-8EXP, W-8IMY) in one centralized platform to ensure accurate recipient documentation before filing.
-
Accurate Withholding Calculations
Apply correct withholding and treaty rates based on income codes and recipient status—no manual calculations required.
-
Flexible Data Import Options
Eliminate manual data entry by importing recipient and form data via CSV templates, bulk uploads, or API integrations.
-
Error-Free Filing with Built-In Validations
Minimize rejections with real-time IRS form-level checks. Identify missing or inconsistent data early for clean, accurate 1042-S submissions.
-
Seamless 1042-S IRS Compliance
E-file Form 1042-S directly with the IRS and securely distribute recipient copies via portal access or postal mailing, including delivery to foreign addresses.
Beyond Filing: Year-Round Form 1042-S Compliance
When you pay for a 1042-S form, you're not just covering the submission—you're investing in year-round compliance and world-class support for your filing.
-
No-Cost Corrections & Retransmissions
Found mistakes on 1042-S after submission? File corrections at no cost. Also, if the IRS rejects your form, fix and retransmit at no additional cost.
-
Streamline Annual Withholding Tax Filing
Simplify your 1042 Annual Withholding Tax Return preparation and filing using your W-8 and 1042-S data.
-
Extra Time When You Need It
Need a deadline extension? File Form 8809 with a few clicks and get 30 extra days to submit your 1042-S forms.
-
Expert Support at Your Fingertips
Get real-time guidance from our support team and AI assistant so you can file with confidence and peace of mind.
Exclusive Pro Features Designed for Tax Professionals
Enhance your tax filing process and optimize workflows with powerful, tailored tools designed for tax professionals.
Team Management
Add unlimited team members to streamline workflow and collaboration. Assign roles like preparer, approver, and transmitter based on filing responsibilities.
Client Management
A secure, branded portal designed for each of your clients, enabling them to track their filings while seamlessly collaborating with you through efficient data exchange and document sharing.
Insights at a Glance
Access detailed reports to gain insights into team performance and client filings. Leverage in-depth analytics to make informed decisions and enhance productivity.
For high-volume filing, call us at (704) 684-4758 for customized pricing or request a demo for a hands-on experience.
Seamless 1042 & 1042-S Filings at Scale, Built for Enterprises
From managing thousands of foreign payees to meeting strict IRS requirements, TaxBandits supports withholding agents, financial institutions, educational institutions, businesses paying foreign individuals, and qualified intermediaries with end-to-end compliance throughout the filing process.
-
Seamless Data Ingestion at Scale
Import payee and withholding data through integrations, APIs, CSV uploads, or custom templates—designed to fit your existing systems.
-
Custom Requirements, Fully Supported
Tailor TaxBandits to accommodate complex enterprise-specific compliance needs, including SSO setup and multi-entity reporting.
-
Personalized Branding Options
Customize recipient portals and email notifications to reflect your company’s branding and enhance recipient experience.
-
Streamlined Workflow Management
Invite teams, assign precise roles, and delegate filing responsibilities with clear ownership and approval workflows.
-
Enterprise-Grade Security and Support
Benefit from robust security measures, priority assistance, and a dedicated account manager to support your filing needs.
Information Required to E-File Form 1042-S Online
-
1. Payer & Recipient Info
- Name, Address, TIN, GIIN
-
2. Payment Info
- Total amount paid to a foreign person
- Income code classification
- Tax withheld from nonresident aliens
-
3. Primary Withholding Agent Info
- Name, EIN (if applicable) - If you’re an intermediary or flow-through entity reporting amounts withheld by another agent.
-
4. Intermediary / Flow-Through Info
- Name, GIIN, EIN, Chapter 3 & 4 Status Codes
-
5. State Withholding Info
- State Income Tax Withheld, State Name, State Payer ID
Get Started with TaxBandits to E-File your 1042-S Online in minutes!
How to File Form 1042-S Electronically with TaxBandits?
Create your free account and follow these simple steps to e-file Form 1042-S effortlessly!
-
Step 1: Select Form 1042-S
Choose Form 1042-S and select the appropriate tax year.
-
Step 2: Enter Form Information
Fill out your 1042-S form by entering the required information in the respective fields.
-
Step 3: Review and Transmit
Ensure the entered information is correct. Once confirmed, pay and transmit it to the IRS, and deliver recipient copies
Are you ready to start your Form 1042-S filing with TaxBandits?
Our Customer Reviews
Trusted and loved by users like you.
4.8 rating of 12,784 reviews
Transparent, Volume-Based Pricing for 1042-S Compliance
Scalable per-form pricing designed for businesses of all sizes
|
Form 1042-S
Pricing per form based on volume |
|||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
|
No. of Forms |
1-10 |
11-100 |
101-250 |
251-500 |
501-2000 |
||||||
|
Federal Filing |
$2.75 |
$1.75 |
$1.15 |
$1.00 |
$0.80 |
||||||
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 is the difference between a Withholding Agent and an Intermediary?
A Withholding Agent reports U.S.-sourced payments directly to foreign recipients, while an Intermediary manages withholding and reporting for downstream recipients under a QI agreement. Examples include employers, financial institutions, businesses, banks, brokerages, or investment funds.
Click here to understand the difference between Withholding Agents vs. Intermediaries
When is the deadline for filing Form 1042-S?
The deadline for filing Form 1042-S is March 15.
If the due date falls on a weekend or federal holiday, the next weekday business day is the deadline. Missing the deadline or not requesting an extension may result in penalties. Click here to learn more about the penalties.
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?
-
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 to furnish Form 1042-S to recipients by submitting Form 15397. The form must be faxed to the IRS and received by the original due date.
Ready to File Form 1042-S Electronically?
Trusted by Business Owners and Tax Professionals
