TaxBandits Supports the Distribution of Form 1042-S to Foreign Recipients.

How to File 1042-S Online for 2023 with TaxBandits

Choose Form 1042-S

Select the Form 1042-S, choose the appropriate tax year and proceed. With TaxBandits you can file your Form 1042-S Online for current and previous tax years.

Enter 1042-S Form Information

Enter the required information on the Form 1042-S either manually or bulk upload through our CSV/Excel templates.

Review and Transmit 1042-S

Review the information entered on the Form 1042-S and make necessary changes if needed and transmit the completed Form to the IRS

Recipient copy (Postal/Online)

You can opt to distribute your recipient copies either through postal mailing or secure online portal.

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Are you ready to begin Filing the 1042-S Form? File in minutes with TaxBandits

What Information is Required for Filing
1042-S Online?

1042s form
  • Payers Information:

    Name, Address, Tax identification number, GIIN Number

  • Recipient Information:

    Name, Address, Tax identification number, GIIN Number

  • Income Information:

    This requires the income code that classifies the payment type

  • Withholding Information:

    This determines the amount of tax to be withheld from payments made to nonresident aliens

  • Withholding agent information:

    Name, EIN, GIIN

  • Primary Withholding Agent information:

    Name (If applicable), EIN

  • Intermediary or flow-through entity information:

    Name, GIN, EIN(if any)

  • State Withholding Information

Get Started with TaxBandits to E-File your 1042-S Online in minutes!

Benefits of Filing Form 1042-S Online With TaxBandits

Excel/CSV Template

Excel/CSV Template

Effortlessly import your form data with TaxBandits using our Excel/CSV templates
in one go.

Postal Mail/Online Access

Postal Mail/Online Access

TaxBandits delivers your recipient copies by postal mail and through secure online access.

Internal Audit Check

Internal Audit Check

TaxBandits validates your Form 1042-S using the IRS business rules to improve accuracy during the filing process.

Dedicated Support

Dedicated Support

Have any questions? Our dedicated team of experts is always here to assist you in every way possible via phone, email, or live chat.

PRO Features - Exclusive for Tax Professionals!


Staff Management

We offer a comprehensive solution for adding unlimited members, assigning diverse roles, controlling access levels, segmenting work, monitoring activities, and grouping members based on demographics. Plus, you can use one shared credit card for all your transactions, saving you time and hassle.


Client Management

You can use our client portal, dashboard, customized email notifications, and branding options to provide your clients with a smooth and satisfying experience.TaxBandits makes it easy to communicate with your clients and update them on their filing status.


Automated Reports

TaxBandits provides various types of reports to help you gain insights, track status, monitor performance, and optimize resources. Each report gives detailed and relevant information on your filing activities and outcomes.

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Frequently Asked Questions On
Form 1042-S Filings

What is the purpose of Form 1042-S?

Form 1042-S, also called "Foreign Person's U.S. Source Income Subject to Withholding," is an IRS annual tax return statement used by U.S. withholding agents to report income paid to foreign persons (including individuals, corporations, and other entities) who are subject to U.S. tax withholding. The purpose of the form is to ensure that the appropriate amount of tax is withheld from payments made to non-US residents and to report this income to the IRS.

Who must File Form 1042-S?

Form 1042-S must be filed by any withholding agent who has withheld taxes on income paid to foreign persons, including nonresident aliens, foreign partnerships, and foreign corporations. The 1042-S is filed with the IRS, and a completed copy must be furnished to the employee or business before
the deadline.

What types of income are reported on Form 1042-S?

A withholding agent uses Form 1042-S to report the following payments made to non-US residents.

  • Scholarships and fellowships
  • Royalties
  • Rents
  • Prizes and awards
  • Director's fees
  • Pension income
  • Gambling winnings
  • Interest on deposits
  • Insurance premiums
  • Effectively connected income (ECI)
  • Notional principal contract income
  • REMIC excess inclusions
  • Insurance premiums
  • Foreign-targeted registered obligations and guarantees of indebtedness. etc.

However, the following types of payments are exempt from reporting on 1042-S:

  • Payments made by individuals that are not related to their trade or business and do not require withholding are generally not reported.
  • Interest earned on bank deposits that are not associated with the operation of a U.S. trade or business usually does not appear on Form 1042-S.
  • Premiums paid for insurance contracts issued by foreign insurance companies are typically excluded from Form 1042-S reporting.

When is the deadline for filing Form 1042-S?

Withholding agents should submit Form 1042-S to both the IRS and the recipient before March 15th of the year following the calendar year in which the income was paid.

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Can you get an extension for a 1042-S?

An extension for 30 days can be requested by filing Form 8809 on or before the due date of the return. It is important to note that failure to file Form 1042-S by the deadline may result in penalties.

What Is the Difference Between Form 1042 and 1042-S?

Form 1042 is an annual withholding tax return that is used to report the tax withheld on the income of non-US residents. On the other hand, Form 1042-S is used to report the payments made to non-US residents
during the year.

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