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What is a 1042 -S — Foreign Persons U.S. Source Income ?

April 26, 2017foreign income person source

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What is a 1042 -S — Foreign Persons U.S. Source Income ?

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Form 1042-S is an information tax statement use to report U.S. source income paid to a nonresident alien individual. It is used to report: a. compennsation payments made to employees for which an exemption from tax withholding is claimed based on a tax treaty; b. all non-employee compensation payments made to nonresident aliens; c. non-service and/or non-qualified scholarship and fellowship grants.