Your Form 1042-S CSV Template is on the way to your inbox…with filing instructions! × 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. E-File 1042-S Now See how to file 1042-S 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 See how TaxBandits beats the competition—A comparison with other providers. Learn more 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. Free 1042-S Corrections Need to correct a previously filed Form 1042-S? Easily submit corrections electronically with TaxBandits at no additional cost. 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. Start Filing Now 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. Get Started Now 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 704.684.4751 sales@taxbandits.com View Our Volume Based Pricing File 1042-S Online For The Lowest Price 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. Take a quick tour 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. Are you ready to begin Filing the 1042-S Form? File in minutes with TaxBandits Get Started Now 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. 1. Payer & Recipient Information Name, address, tax identification number, and GIIN number. 2. Payment Information Total amount paid to a foreign person, classified by income code, along with the tax withheld from payments to nonresident aliens. 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. 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. 5. State Withholding Information State income tax withheld. Get Started with TaxBandits to E-File your 1042-S Online in minutes! Start Filing Now Our Customer Reviews Trusted and loved by users like you. 4.8 rating of 12,784 reviews M Mark Salas I can't believe how much I was stressing over this until I found you. It was so easy and user-friendly! L Laura Feuerstein I love TaxBandits! It makes completing my 1042-S so easy. Great user interface and is easy to navigate. R Robert Dougherty User-friendly and automatically populates information from the previous year, making the process much easier. I Inez Bronner Super easy to use, accurate, and ensures all necessary fields are completed. I’ll definitely use it again! See how TaxBandits facilitated various businesses to file Form 1042-S efficiently! View More Reviews 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? 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 Ready to File Form 1042-S Electronically? Trusted by Business Owners and Tax Professionals Create a Free Account X Subscribe for Form 1042-S auto-reminders and helpful, tax-related updates. Download Template Now X X How to File 1042-S Online Using TaxBandits Choose Form 1042-S Select Form ‘1042-S’ to start your filing. Page 1 / 7 Next Select the Tax Year Select ‘File Form 1042-S for 2024’ to file for the current tax year. If you want to file for the previous tax year, click ‘Select Previous Tax Year.’ Back Page 2 / 7 Next Manual Entry Select ‘Manual Entry’ and enter the 1042-S details on your own. It is recommended only if you are filing a few returns. Back Page 3 / 7 Next Federal Filing Generate the draft forms in PDF and review the details by sending them to your recipients. Back Page 4 / 7 Next Distribute Recipient Copies Distribute 1042-S copies to recipients via postal mail, through an online access portal, or by using both methods. Back Page 5 / 7 Next Filing Summary Review the summary, edit the preference to verify TIN and address, and choose to transmit immediately or schedule later. Back Page 6 / 7 Next Track your Filing Status You can track the filing status with the IRS and state. Also, track the status of Recipient copy distribution. Request Demo Start Over Get Started Now