Fill out Form 1042 (Annual Withholding Tax Return for U.S. Source Income of Foreign Persons) online
Form 1042 is the Annual Withholding Tax Return used by withholding agents to report the tax withheld on certain income paid to foreign persons, including nonresident aliens, foreign partnerships, foreign corporations, foreign estates, and foreign trusts. It reconciles the total withholding reported on all Forms 1042-S issued during the year.
How to fill out Form 1042 (Annual Withholding Tax Return for U.S. Source Income of Foreign Persons)
Gather all Forms 1042-S
Compile all Forms 1042-S that your organization issued to foreign recipients during the calendar year. These forms report the income paid, tax withheld, and withholding rates applied to each payment.
Enter withholding agent information
Provide the withholding agent name, address, EIN, and indicate whether this is a central withholding agreement. Enter the total number of Forms 1042-S filed and any applicable chapter indicators.
Reconcile total income and withholding
Report the gross income paid, total U.S. federal tax withheld, and any adjustments. Reconcile these totals with the sum of all individual Forms 1042-S to ensure the amounts match.
Report deposits and calculate balance due
Enter all tax deposits made during the year via EFTPS. Calculate the balance due or overpayment by comparing total tax liability to deposits made. Sign the return and submit by the March 15 deadline.
About Form 1042 (Annual Withholding Tax Return for U.S. Source Income of Foreign Persons)
Who needs this form
Withholding agents (individuals, corporations, partnerships, trusts, or other entities) that paid U.S. source income subject to withholding under Chapters 3 and 4 of the Internal Revenue Code to foreign persons during the calendar year. This includes employers paying compensation to nonresident alien employees, banks paying interest to foreign account holders, and entities distributing dividends or royalties to foreign recipients.
Where to submit
File with the IRS by March 15 of the year following the calendar year in which the income was paid. File electronically if required (250 or more Forms 1042-S), or mail to the IRS address in the form instructions.
Source and content freshness
- Reviewed: 2026-02-24
- Filing deadlines may shift for weekends and holidays. Verify due dates with official instructions.
Common mistakes to avoid
- Not reconciling the total tax withheld on Form 1042 with the amounts reported on all Forms 1042-S
- Failing to deposit withheld taxes on time using the Electronic Federal Tax Payment System (EFTPS)
- Applying incorrect withholding rates by not properly verifying the recipient treaty benefits with Form W-8BEN
- Not filing Form 1042 when no tax was withheld but the withholding agent still paid reportable U.S. source income to foreign persons
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What is the difference between Form 1042 and Form 1042-S?
Form 1042-S is the information return given to each foreign recipient reporting the specific income paid and tax withheld on their payments. Form 1042 is the summary annual return filed by the withholding agent that reconciles the total tax withheld across all Forms 1042-S and reports the deposits made throughout the year. Both forms must be filed to complete the withholding agent reporting obligations.
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