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Form 1042-S Foreign Person’s U.S. Source Income Subject to Withholding is used to report amounts paid to foreign persons (including persons presumed to be foreign) that are subject to tax withholding, even if no amount is deducted and withheld from the payment because of a treaty or code exception to taxation or if any amount withheld was repaid to the payee. It is also used to report amounts withheld under Chapter 3 of the Internal Revenue Code.

If you determine that you need to file a Form 1040 U.S. Individual Income Tax Return resident tax return rather than Form 1040-NR U.S. Nonresident Alien Income Tax Return, you can enter this data in to TaxAct, although Form 1042-S is not available in the 1040 program.

If Form 1042-S lists federal tax withheld in Box 7a or state tax withheld in Box 17a, you can enter this data on a Form 1099-MISC in the program. You must paper file your return in this instance and include Form 1042-S with your tax return.

  1. From within your TaxAct return (Online or Desktop), click Federal on the left. On smaller devices, click in the upper left-hand corner, then click Federal.
  2. Click Form 1099-MISC in the Federal Quick Q&A Topics menu, click + Add Form 1099-MISC to create a new Form 1099-MISC, then continue until you see the screen titled 1099-MISC: Enter information on form.
  3. Click Switch to Form Entry (optional) near the top to open the Quick Entry window, enter all of the applicable information from your Form 1099-MISC, then click Save & Close.
  4. Select either "Schedule C" or "Form 1040/1040-NR" to assign the Form 1099-MISC just entered from the Assigned schedule or form drop-down, then click Continue.

Note. For more information, see IRS Instructions for Form 1042-S.

Note that any link in the information above is updated each year automatically and will take you to the most recent version of the document at the time it is accessed.

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