FATCA, chapter 3 reporting - IRS releases final Form 1042-T 

May 13: The IRS today posted a final version of Form 1042-T, Annual Summary and Transmittal of Forms 1042-S, for 2014.

Form 1042-T [PDF 62 KB] is to be used to transmit paper Forms 1042-S, Foreign Person’s U.S. Source Income Subject to Withholding, to the IRS.

Form 1042-S (2014) [PDF 185 KB] is to be used by financial institutions and withholding agents for reporting amounts subject to withholding under chapter 3 and to report certain reportable payments for purposes of FATCA.

The instructions included as part of Form 1042-T provide, in part:

  • A separate Form 1042-T is to be used to transmit each type of Form 1042-S.
  • If 250 or more Forms 1042-S are filed, they must be submitted electronically (and Form 1042-T is not to be used).
  • If less less than 250 Forms 1042-S are filed, filers are encouraged to file them electronically.
  • Financial institutions are required to submit Form 1042-S electronically in all instances.
  • If a Form 1042 has already been filed and an attached Form 1042-S causes the gross income or tax withheld information shown on the previously filed Form 1042 to change, an amended Form 1042 must be filed.

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