Final Form 1042 for 2013 

November 14: The IRS posted a final version of Form 1042, Annual Withholding Tax Return for U.S. Source Income of Foreign Persons, for 2013.

The final version of Form 1042 [PDF 168 KB] for 2013 is substantially similar to the draft form (released for comments in April 2013).

The IRS has not yet posted the 2013 instructions for Form 1042.

KPMG observation

The IRS released a draft Form 1042 [PDF 142 KB] for 2014 in April 2013. This form will be used for FATCA reporting beginning July 2014.

Form 1042 will be used to report tax withheld for FATCA purposes for payments made to entities that are classified as nonparticipating foreign financial institutions, certain passive nonfinancial foreign entities, and “recalcitrant” account holders of participating and registered deemed-compliant foreign financial institutions.

Form 1042 will also be used to report payments reported on Form 1042-S.

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